Dogecoin accounts for 40% of Robinhood’s crypto transaction revenue in Q3 – Altcoins Bitcoin News

[ad_1]

The Robinhood trading platform reported that 40% of its income based on cryptocurrency transactions was attributable to transactions in the same dogecoin cryptocurrency in the third quarter. In comparison, dogecoin accounted for 62% of the company’s transaction-based revenue in the second quarter.

Dogecoin Trading on Robinhood

Robinhood Markets Inc. said in its quarterly filing with the U.S. Securities and Exchange Commission (SEC) on Friday:

For the three months ended September 30, 2021, 40% of our income based on cryptocurrency transactions was attributable to dogecoin transactions.

This is a significant decrease from 62% for the quarter ended June 30 and 34% for the quarter ended March 31.

Robinhood’s transaction-based revenue in the third quarter totaled $ 267 million, of which only $ 51 million came from cryptocurrency trading. Crypto trading revenue totaled $ 233 million in the second quarter.

The company’s third quarter record further states: “For the quarters ended September 30, 2021, June 30, 2021 and March 31, 2021, transaction-based revenue attributable to dogecoin transactions was approximately 8%, 32% and 7% of our total net income, respectively.

Robinhood explained, “We are supportive of dogecoin trading and we have benefited from renewed interest in dogecoin during the quarter ended June 30, 2021,” adding:

While we currently support seven cryptocurrencies for trading, the market interest in particular cryptocurrencies can be volatile and there are many cryptocurrencies in the market that we do not support.

DOGE has fallen by around 9% in the past 24 hours, but increased 7% in the past seven days and 32% in the past 30 days.

Currently, supporters of DOGE rival shiba inu are asking on Change.org that Robinhood list SHIB. At the time of writing, over 432,000 signatures have been collected. “Dogecoin has been a huge success for Robinhood and its investors. We all enjoyed the ride. Shiba Inu is a similar coin with real potential, up 2,000% in recent weeks, ”the petition says.

What do you think of dogecoin which accounts for 40% of Robinhood’s transaction-based income? Let us know in the comments section below.

Image credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, nor a recommendation or endorsement of any product, service or business. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, good or service mentioned in this article.

[ad_2]