Robinhood’s Crypto Activity Drops 78%, Stock Tanks Below IPO
Robinhood had a net loss of $1.32 billion this past quarter, recording a plunge of 78% in revenue from crypto transactions from 2Q. Their shares dropped 12% to $34.80 at 9:46 a.m. in New York, $38 below the IPO price in late July, Bloomberg reported. Analysts had estimated Robinhood Markets Inc. would have a total revenue of $423.9 million during an earlier Bloomberg survey, but the numbers fell short hitting only $364.9 million. Vlad Tenev, Robinhood’s Chief Executive Officer, had predicted that the trading activity would tumble in the third quarter of 2021 and fewer accounts would open.....
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Currently, users of popular stock and digital currency trading app Robinhood can’t move their crypto off the platform. Retail shareholders of crypto-friendly trading app Robinhood are demanding a crypto wallet along with a branded hat and hoodie, a public shareholders questionnaire revealed. The public question crowdsourcing platform Say, which was Robinhood’s first purchase after it went public, enabled retail shareholders of Robinhood to ask and upvote questions in a Reddit-style interface. “Management will address a selection of the most upvoted questions relating to Robinhood’s....
Social media users have slammed China’s reported use of military tanks to intimidate bank customers protesting against the freezing of their savings. Some users claimed the deployment of military tanks exposes the country’s underlying economic problems. Crypto proponents see the issue as a vindication of their long-standing argument.
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Some social media users have derided Chinese authorities’ reported decision to deploy tanks around the central bank’s offices in Henan where bank customers have been protesting against the....
Dogecoin is now Robinhood’s biggest crypto money maker. Trading from the meme coin accounted for 62% of crypto revenue for the trading app in the second quarter of the year. The coin had grown to popularity when people had needed a quick way to buy the coin. This was following the growing popularity of meme […]
Robinhood finished 2024 on a high note, thanks to its $1 billion growth in the fourth quarter, which exceeded analysts’ estimates. The company’s fourth-quarter revenue hit $1.01 billion, beating analysts’ estimates of $940.8 million. Also, Robinhood’s crypto trading volume surged by 700%, banking $358 million. Related Reading: Bitcoin In: Japanese Gaming Powerhouse Gumi Snaps Up […]
The popular stock and crypto trading platform will allow crypto withdrawals to a limited number of users who signed up for the crypto wallet waitlist program. Online retail investing platform Robinhood has released its long awaited crypto wallet for beta testing which will finally enable users to withdraw crypto from the platform.The first 1,000 users that signed up to the waitlist for ‘Wallets’ are eligible to take part in beta testing. Wallets testers will be able to withdraw crypto valued up to $2,999 over a maximum of 10 total transactions daily. Robinhood is a financial services....