Robinhood’s income more than doubled thanks to the crypto trading boom

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FILE PHOTO: The Robinhood Markets, Inc. logo is seen during a pop-up event on Wall Street following the company’s IPO in New York, United States, July 29, 2021. REUTERS / Andrew Kelly

(Reuters) -Robinhood Markets Inc on Wednesday reported a 131% increase in revenue in the second quarter, with online brokerage benefiting from an increase in cryptocurrency trading through its platform.

The company, which was at the center of the historic stock trading mania for memes earlier this year, reported total net revenue of $ 565 million for the quarter ended June 30, up from $ 244 million a year ago. earlier.

Robinhood allows users to perform unlimited commission-free transactions in stocks, exchange-traded funds, options, and cryptocurrencies.

Transaction-based revenue for the quarter increased 141% to $ 451 million, including $ 233 million from cryptocurrency transactions. It was only $ 5 million a year ago.

Robinhood has seen strong growth since last year, when homebound users turned to trading stocks and other assets through its app.

Its popularity was further bolstered by the stock and cryptocurrency mania this year, which helped boost trading volumes in the quarter.

Report by Sohini Podder in Bengaluru; Editing by Arun Koyyur

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