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Robinhood makes significant strides in crypto business in Q1 despite

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On April 28, discount-brokerage platform Robinhood published its financial results for the first quarter of 2022. Year-over-year, the firm’s net revenue declined by 43% to $299 million. Specifically, revenue from cryptocurrency trading fell by 39% to $54 million during the same period. This was partly due to a decrease in the interest in meme stocks as well as an ongoing cryptocurrency bear market that dominated much of the first three months of the year. However, despite a decrease in sales, the company’s net cumulative funded accounts rose by 27% year-over-year to 22.8 million. At the same time, total assets under custody increased 15% to $93.1 billion. Robinhood took several important steps in enhancing its crypto business. First, the firm rolled out crypto wallets to the approximately two million waitlisted customers in early April, with a full roll-out completed this week. Then, in response to customer requests, Robinhood listed four new coins; Compound ( COMP ), Polygon ( MATIC ), Solana ( SOL ) and Shiba Inu ( SHIB ). Finally, Robinhood plans to integrate with layer-2 Bitcoin ( BTC ) payment protocol Lightning Network for faster transactions with lower fees. As told by Robinhood:This month, Robinhood signed an agreement to acquire Ziglu, a U. K.-based electronic money institution and crypto firm, as part of its roadmap. Robinhood plans to leverage Ziglu’s team of financial services and crypto experts to help the company expand across the United Kingdom and Europe.

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One Comment

  1. I respect the work you put into your videos. I find it truly disconcerting that all the major crypto youtubers are just looking at the pure ripple and completely ignoring the larger narrative of why BTC is pumping and why the future outlook might not be as bullish as it seems. It's a bit irresponsible to ignore the fact that every ETF launch so far has caused a big shift in BTC's spike. We were already in a shaky position with historically low volume and almost pure whale bombs, narrowly preventing a long-term bear market. This is the worst possible time in history to invest as many are not backing their crypto assets. More emphasis should be placed on day trading as it is less affected by the unpredictable nature of the market,….. I have done over 11 btc from day tradng with Mr James Morre’s insights and signals in less than 2 weeks, this is one of the best means of backing your assets in case it turns bearish .ͲeIєɠɾαm👉Jamesmorre stay corona free.

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