Trading platform Robinhood Markets Inc (NASDAQ:HOOD) disclosed a first-quarter notional cryptocurrency trading volume of $36 billion, a more than three-fold increase year-over-year.
What Happened: The surge in volumes helped boost cryptocurrency-related revenue to $126 million, up 232% year-over-year. According to the company, the cryptocurrency arm played a vital role in driving total transaction-based revenue to $329 million, up 59% over the same period last year.
The firm reported $26 billion worth of cryptocurrencies under custody as of March 31, marking a 78% jump quarter-over-quarter.
The company’s cryptocurrency arm, Robinhood Crypto, ...
Crypto Volume, Executives Say 'Business As Usual' Despite SEC Wells Notice>Full story available on Benzinga.com