Robinhood Crypto Sees 8X Jump in Crypto Trading Revenues in Q4 2024, Putting Pressure on Coinbase: Report

Robinhood’s crypto buying and selling division reportedly noticed an eight-fold leap in income generated from digital asset transactions within the last quarter of final yr.

In response to a brand new Robinhood funding report, the buying and selling app large noticed a 200% year-over-year enhance in transaction-based revenues, largely on account of crypto.

“Whole web revenues elevated 115% year-over-year to $1.01 billion.

Transaction-based revenues elevated over 200% year-over-year to $672 million, primarily pushed by cryptocurrencies income of $358 million, up over 700%, choices income of $222 million, up 83%, and equities income of $61 million, up 144%.

Web curiosity revenues elevated 25% year-over-year to $296 million, primarily pushed by development in interest-earning property, partially offset by a decrease federal funds price.

Different revenues elevated 31% year-over-year to $46 million, primarily on account of elevated Gold subscription revenues.”

In response to a Reuters report, Robinhood’s newest advance into crypto solidifies the buying and selling app as a prime rival for the main US-based crypto trade Coinbase.

Says Paul Marino, Chief Income Officer at Themes ETFs (exchange-traded funds), of Robinhood’s success.

“The truth that Robinhood had such a surge in revenues throughout its complete platform is extra than simply an urge for food for danger within the market – it’s additionally a testomony to the adoption of its platform and the truth that the following era of merchants choose what Robinhood is providing versus opponents.”

Coinbase is on schedule to launch its personal quarterly earnings report later right now.

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