Robinhood Markets has reported that cryptocurrency trading revenues grew by 700% in the fourth-quarter, helping to boost the brokerage’s profitability. Digital asset volumes also rebounded.
Crypto revenues reached $358 Million, an increase of $45 Million from a year ago. This accounted for over one third of the total transaction-based income, which grew by more than 200%, reaching $672,000,000.
In the fourth quarter of 2018, total revenues increased by 115% over last year to reach $1.01 billion. Net income also increased by more than 10 times to $916 millions, as reported in the company’s most recent financial statements. The following are some examples of the use of figures.
Robinhood’s presence in cryptocurrency is growing. In June, the company announced that it had acquired Bitstamp. 200 Million DollarsIn an effort to increase its global footprint,, which is one of the oldest crypto exchanges in existence, has made a decision.
Last quarter, the company launched Ethereum Staking in Europe and seven new Tokens in the U.S. This figure will likely increase. “accelerate” Vladimir Tenev, the CEO of the company, said this in a call to investors on Wednesday.
“What I am perhaps most excited about is tokenization,” Tenev referred to a segment of the cryptoeconomics that is attempting to bring real world assets to the chain in order to improve efficiency and facilitate liquidity.
“I think Robinhood is uniquely positioned at the intersection of traditional finance and DeFi,” Tenev was referring to Tenev’s company plans to tokenize equity, private investment and “more.”
Some projections predict that the sector will continue to grow, as it grew by 52% to 12 billion dollars last year, without stablecoins. $5 billion This year is the first time that we will be able to see this.
Crypto trading is resurgent amid an overall market recovery. Bitcoin BTC will double in value in 2024 and surpass $100,000 at the end of December. Ethereum The (ETH) increased by 71.5% in the last year.
The quarter saw a 400% increase in Robinhood’s notional crypto trading volume, which reflected increased investor activity, as they sought to take advantage of shifting macro-tailwinds, such as the U.S. Crypto Exchange Traded Funds and the changing political environment under Donald Trump.
Robinhood’s focus is not just on crypto. It also includes plans for international expansion and new products, such as a launch in Asia-Pacific by 2025, with Singapore serving as the regional hub.
The firm also expands its futures and options trading products, aimed at active traders.
Assets in custody (AUC), which is a measurement of the assets held by a custodian, rose 88% from $193 to $193.25 billion. The increase was driven by net deposits worth $16.95 billion during this quarter. Robinhood has also announced 2.6 million Gold members, an increase of 86% over the past year.
Robinhood shares have risen over 365% in the last 12 months, driven by the return of profitability as well as a boom in trading activities, particularly crypto.
The shares rose 4.8% by closing time to $55.91, and then another 17% after hours to $65.45.