According to Robinhood’s Q2 report, Dogecoin accounted for 62% of revenue from the platform’s cryptocurrency transactions.
According to reports, it appears that transactions from the crypto meme did, in fact, increase Robinhood’s entire Q2 revenue compared to the previous quarter.
Total revenue from cryptocurrency transactions executed in Q2 was $233 million, compared to just $5 million in the January-March 2021 period.
Thus, while Dogecoin (DOGE) transactions would represent 62% of this $233 million, the total figure exceeds the total revenue from share transactions executed on the platform.
On the report, Robinhood comments:
“The three months ended June 30, 2021 is the first quarter where a larger share of new customers placed their first trade in crypto rather than equities.”
And indeed, cryptocurrency-exchange revenue on cryptocurrency transactions accounted for 52%, with the rest coming from equities. Good result for the most volatile sector of finance, when you consider that there are only seven cryptocurrencies offered, including Bitcoin (BTC), Bitcoin Cash (BCH), Dogecoin (DOGE), Ethereum (ETH), and Litecoin (LTC).
In the case of DOGE, then, right during May 2021, Robinhood had gone bust due to the crypto meme’s price surge. In fact, as DOGE was heading towards its 70 cents price, the platform couldn’t handle the massive amount of transactions.
Much of this increase in DOGE’s price and its transactions coincided with a flurry of tweets about Dogecoin from Tesla CEO Elon Musk.
Robinhood and Dogecoin: the combo for institutional investors
Robinhood, a traditional and cryptocurrency exchange listed on Nasdaq at the end of last month, has managed to gain support from large institutional investors, all thanks to the continued interest in Bitcoin, Dogecoin, and cryptocurrencies.
Among the investors of Robinhood (HOOD) shares, there is, in fact, ARK Invest that has purchased as many as 1.3 million shares, continuing with its mission to support companies in the cryptocurrency sector.
Despite the increase in capitalization of HOOD, from 32 to 60 billion in a few days, the value of the shares has seen a volatile trend. In fact, just as it happens with cryptocurrencies, HOOD has also seen price rallies followed by retracements.
Overall, Robinhood has gained popularity by bringing free stock trading to a new generation of investors. In addition, the company with its trading app has also been a big beneficiary of the rise of cryptocurrency markets.
Robinhood and the close connection with Dogecoin
Dogecoin fans use Robinhood so much that they even send it into a tailspin. In fact, at the beginning of May, the price of DOGE had soared to over 70 cents, and the frenzy around Dogecoin had likely caused the application to go haywire.
Moreover, in February, the Reddit community called WallStreetBets, which had more than 8 million subscribers, raised the DOGE price using Robinhood after the famous Gamestop case.
According to reports, it appears that transactions from the crypto meme did, in fact, increase Robinhood’s entire Q2 revenue compared to the previous quarter.
Total revenue from cryptocurrency transactions executed in Q2 was $233 million, compared to just $5 million in the January-March 2021 period.
Thus, while Dogecoin (DOGE) transactions would represent 62% of this $233 million, the total figure exceeds the total revenue from share transactions executed on the platform.
On the report, Robinhood comments:
“The three months ended June 30, 2021 is the first quarter where a larger share of new customers placed their first trade in crypto rather than equities.”
And indeed, cryptocurrency-exchange revenue on cryptocurrency transactions accounted for 52%, with the rest coming from equities. Good result for the most volatile sector of finance, when you consider that there are only seven cryptocurrencies offered, including Bitcoin (BTC), Bitcoin Cash (BCH), Dogecoin (DOGE), Ethereum (ETH), and Litecoin (LTC).
In the case of DOGE, then, right during May 2021, Robinhood had gone bust due to the crypto meme’s price surge. In fact, as DOGE was heading towards its 70 cents price, the platform couldn’t handle the massive amount of transactions.
Much of this increase in DOGE’s price and its transactions coincided with a flurry of tweets about Dogecoin from Tesla CEO Elon Musk.
Robinhood and Dogecoin: the combo for institutional investors
Robinhood, a traditional and cryptocurrency exchange listed on Nasdaq at the end of last month, has managed to gain support from large institutional investors, all thanks to the continued interest in Bitcoin, Dogecoin, and cryptocurrencies.
Among the investors of Robinhood (HOOD) shares, there is, in fact, ARK Invest that has purchased as many as 1.3 million shares, continuing with its mission to support companies in the cryptocurrency sector.
Despite the increase in capitalization of HOOD, from 32 to 60 billion in a few days, the value of the shares has seen a volatile trend. In fact, just as it happens with cryptocurrencies, HOOD has also seen price rallies followed by retracements.
Overall, Robinhood has gained popularity by bringing free stock trading to a new generation of investors. In addition, the company with its trading app has also been a big beneficiary of the rise of cryptocurrency markets.
Robinhood and the close connection with Dogecoin
Dogecoin fans use Robinhood so much that they even send it into a tailspin. In fact, at the beginning of May, the price of DOGE had soared to over 70 cents, and the frenzy around Dogecoin had likely caused the application to go haywire.
Moreover, in February, the Reddit community called WallStreetBets, which had more than 8 million subscribers, raised the DOGE price using Robinhood after the famous Gamestop case.
The post Robinhood Q2 report: 62% of cryptocurrency revenue is in Dogecoin appeared first on The Cryptonomist.
