Robinhood to launch cryptocurrency wallets

 

 

As cryptocurrency beings to make a big part of Robinhoods revenue, it will test out Crypto wallets with a few clients that have been selected. The. Robinhood released the new feature with a beta version on the app  allowing selected investors to receive and send and move crypto currencies in and out of the  app.

Investors can merge their digital coins into one account. Allowing them to  send and receive cryptocurrencies to trade to and from other wallet addresses. Robinhood released the new feature with a beta version on the app.

Users can get a commission-free crypto purchase for as little as $1.

Investors on Robinhood Markets Inc. (HOOD:NASDAQ) complained that they had exposure to crypto prices, but we’re not actually be able to own the coins itself. Cryptocurrencies increased to $233 million in the second quarter of 2021, compared to $5 million in the second quarter of 2020.

Total net revenues increased 131% to $565 million in the second quarter of 2021, compared with $244 million in the second quarter of 2020.

Transaction-based revenues increased 141% to $451 million in the second quarter of 2021, compared with $187 million in the second quarter of 2020.

Options increased 48% to $165 million in the second quarter of 2021, compared with $111 million in the second quarter of 2020.

Equities transaction-based revenue decreased 26% to $52 million in the second quarter of 2021, compared with $71 million in the second quarter of 2020.

Monthly Active Users (MAU) increased 109% to 21.3 million in the second quarter of 2021, compared with 10.2 million in the second quarter of 2020.

Assets Under Custody (AUC) increased 205% to $102 billion in the second quarter of 2021, compared with $33 billion in the second quarter of 2020.

Average Revenues Per User (ARPU) was $112 in the second quarter of 2021, compared with $115 in the second quarter of 2020.

Net loss was $502 million in the second quarter of 2021, or $2.16 per diluted share, compared with net income of $58 million, or $0.09 per diluted share in the second quarter of 2020.

Adjusted EBITDA (non-GAAP) was $90 million in the second quarter of 2021, compared with $63 million in the second quarter of 2020.

second quarter of 2021, compared with $33 billion in the second quarter of 2020.

Average Revenues Per User (ARPU) was $112 in the second quarter of 2021, compared with $115 in the second quarter of 2020.

Robinhood launched its IPO Access product on May 20, 2021, providing customers access to shares of certain initial public offerings at the same price as institutional and high net worth investors.

 

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