Robinhood’s (NASDAQ: HOOD) third-quarter transaction-based revenues on cryptocurrencies indicated a significant plunge (55% year-over-year and 26% quarter-over-quarter) compared to the softer drop of 13% in transaction revenues for equities.
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What Happened? Popular for its role in the meme stock craze in early 2021, Robinhood’s declining trend in crypto trading revenue happened in the past two quarters.
The number of crypto assets held on behalf of customers narrowed by around 11% from the prior quarter. But, from the same period in the prior year, it saw a 9% increase.
CFO Jason Warnick believed with more crypto regulatory clarity, Robinhood would be able to innovate faster and improve ...