Robinhood loses profit in Q3

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According to the report of the trading platform Robinhood, in the third quarter of 2021, investor interest in digital assets decreased compared to the second quarter.

If in the second quarter of this year, the profit of Robinhood from trading in cryptocurrencies was 41% of the total income of the site, then in the third quarter the figure dropped to 19%. The company’s revenue from transactions was $ 267 million, but together with the rest of the business, Robinhood recorded a loss of $ 1.32 billion.

“This quarter we have been developing new products and services for our clients, including a cryptocurrency wallet. We’ve also added 24/7 support. We are becoming one of the most trusted and convenient platforms for retail and cryptocurrency investors, ”said Vladimir Tenev, CEO and co-founder of Robinhood Markets.

At the same time, the Robinhood report reports a significant decrease in the number of new accounts with deposits in cryptocurrency and a slight decrease in the total number of accounts with a non-zero balance.

As a reminder, the Robinhood cryptocurrency wallet is currently in the testing phase. As Tenev said earlier, more than 1 million users are waiting for the release of the final version of the application for buying and exchanging seven major cryptocurrencies.

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