62% of Robinhood’s Q2 crypto revenue was from Dogecoin commerce

Around 41% of Robinhood’s quarterly revenues were generated by crypto commerce.

Popular retail commerce app, Robinhood, has unconcealed crypto commerce surged in quality on the platform and currently represents 41% of its revenue.

Its second-quarter money results revealed the report on results Aug. 18, the firm generated $233 million from crypto commerce services for the quarter, up from $5 million for the whole of 2020. More than 60% of funded Robinhood accounts listed digital assets throughout Q2 2021.

With early 2021 witnessing the speculative dog-token commerce fury, a banging 62% of Robinhood’s crypto revenue was derived from Dogecoin trades.

The financial statement is the 1st issued by Robinhood since it became a public company. Vlad Teev, co-founder and corporate executive of Robinhood, stated:

“We’re inspired by the amount of individuals who are assessing the economic system for the primary time through Robinhood.”

Revenue labelled $565 million for the quarter overall, a 131% increase compared to Q2 2020’s $244 million. Monthly active users doubled year-over-year (YoY) from 10.2 million to 21.3 million, whereas funded accounts inflated by 130% over an equivalent amount.

The value of assets custodied by Robinhood additionally tripled YoY to tag $102 billion.

Despite the billowing crypto revenue, Robinhood reported an overall loss of $464 million for Q2. However, the losses are attributed to accounting changes relating to the unsteady warrants and notes controlled by the corporate.