Robinhood IPO Filing Reveals $ 88 Billion in Cryptocurrency Trading, Dogecoin 34% of Crypto Revenue – Bitcoin News

Robinhood’s IPO prospectus shows that 9.5 million customers traded $ 88 billion in cryptocurrency on its platform in the first quarter and the company held around $ 12 billion in crypto assets, 23 times that amount Increase compared to the previous year. Meanwhile, 34% of Robinhood’s cryptocurrency revenue was due to the meme cryptocurrency Dogecoin.

Robinhood’s IPO prospectus reveals crypto business details

Robinhood Markets Inc. (Robinhood) filed a preliminary prospectus for its initial public offering (IPO) with the US Securities and Exchange Commission on Thursday.

The company lists “cryptocurrency trading” through its subsidiary Robinhood Crypto LLC (RHC) as one of the offerings on the Robinhood platform. The company stated that it “offers commission-free buying and selling of cryptocurrencies” through its subsidiary. The crypto trading service was launched on February 20, 2018. The platform currently supports seven cryptocurrencies: Bitcoin, Bitcoin Cash, Bitcoin SV, Dogecoin, Ethereum, Ethereum Classic and Litecoin.

For the three months ended March 31, Robinhood held cryptocurrencies worth nearly $ 11.60 billion in assets. The login data:

For the three months ended March 31, 2021, 17% of our total revenue came from transaction-based sales from cryptocurrency transactions, compared to 4% for the three months ended December 31, 2020.

Robinhood also wrote, “We believe that the growing interest and adoption of cryptocurrencies will increase customer interest in our platform and that even within our current customer base we have significant scope to grow.”

Additionally, the company noted that “a significant portion of the recent growth in our net cryptocurrency transaction revenue is due to transactions in Dogecoin.” For three months until March 31, 2021:

34% of our transaction-based cryptocurrency revenue came from transactions in Dogecoin, compared to 4% in the three months ended December 31, 2020.

As of March 31, Robinhood also expanded its coverage to 46 states and Washington DC. The company also supports real-time market data for 10 cryptocurrencies available to all customers. The company further stated:

In the first quarter of 2021 alone, we saw over 9.5 million customers trading approximately $ 88 billion worth of cryptocurrencies on our platform, and we stopped as of March 31, 2020.

What do you think of Robinhood’s crypto business? Let us know in the comment section below.

Photo credits: Shutterstock, Pixabay, Wiki Commons

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