Robinhood, the platform involved in discount brokerage, went on to publish the financial results for the first quarter of 2022 on the 28th of April. Over the year, the net revenue of the firm seems to be in a state of decline of around 43% to $299 million. Specifically, the revenue generated from the trading of cryptocurrency went down by 39% to $54 million in the same period. This was also due to a decrease in the interest in meme stocks along with a bear market in cryptocurrency that usually dominates the first three months of the year.
Robinhood Seems To Be Doing Pretty Well Despite Decline
However, even though there was a decrease in sales, the net cumulative of Robinhood-funded accounts rose by around 27% year-over-year to 22.8 million. At the same time incidentally, the total assets kept under custody went up by 15% to $93.1 billion. The company also undertook several major steps in enhancing its crypto business. First, the firm rolled out several new crypto wallets to around 2 million waitlisted customers in the early part of April.
After an increase in the interest of customers, Robinhood went on to list four different coins- Polygon, Compound, Solana, and Shiba Inu. In the end, the company also planned on integrating with the layer-2 Bitcoin payment protocol Lightning Network for faster transactions with lower fees. As mentioned by the company, once the payment protocol was integrated fully, they would be expecting the service to help accelerate the ability of the firm to serve the remittances of Bitcoin on a global scale.
Just this month, Robinhood went on to sign an agreement that would see them acquire an electronic money institution- Ziglu.