2024-10-31 09:30 |
Robinhood’s Q3 2024 earnings report revealed a significant surge in crypto trading volume, reaching $14.4 billion, marking a 114% year-over-year increase from Q3 2023.
Despite this growth, the figure shows a decline from the previous quarter of 2024, following an earlier period of exceptional performance.
Robinhood Commits to CryptoRobinhood released its Q3 2024 earnings report on October 30. This report claimed that Robinhood saw $14.4 billion in crypto trading volumes, a 114% increase from Q3 2023. Although this figure is impressive, it’s also only 67% of the same category from Q2 this year. Total crypto revenue followed a similar pattern.
Read more: How to Buy and Sell Crypto on Robinhood: A Step-by-Step Guide
Robinhood committed heavily to crypto in 2024. This strategy gave the company dramatic success in Q1, to the extent that crypto revenues have declined since. Still, Robinhood has pursued several different options to scoop up further gains in the future. In September, its CEO explicitly stated that shifting generational pro-crypto attitudes would be a key future investment.
In Q3, Robinhood dipped a toe into multiple new sectors of Web3. It explored the European stablecoin market in September, and opened crypto transfer services in the EU shortly afterwards. The company also entered political prediction markets in late October. These moves suggest a diversified strategy for the future, especially in the light of regulatory scrutiny.
Although Robinhood’s 2024 crypto revenue has steadily declined since huge initial successes, the company’s foundations are still strong. The Earnings Report detailed a number of encouraging statistics: decreasing overhead, increasing user base, greater assets under custody, and more. And of course, the company’s stock price has steadily grown during Q3.
Robinhood Q3 Stock Price. Source: Yahoo FinanceRead more: Best Crypto Trading Apps for iPhone and Android in 2024
Company executives highlighted Robinhood’s milestones, particularly in comparison to the same period last year. Alongside this, they presented an optimistic timeline for upcoming products and developments, underscoring a continued commitment to Web3 investment. Founder and CEO Vlad Tenev also commented on the report’s findings.
“I’m really proud of our Q3 results and how smoothly our product engine is humming. In the past month, we introduced Robinhood Legend, our new desktop offering, and announced index options, futures, and a realized profit and loss tool are coming soon. We have a ton of momentum, and we’re just getting started,” Tenev stated.
The post Robinhood Reports $14.4 Billion in Q3 Crypto Trading Volume, 114% Increase Over Last Year appeared first on BeInCrypto.
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