Robinhood seems more interested in Dogecoin & crypto business than in stock
Robinhood exchange is planning to work on its crypto-related services more aggressively this year to expand hands internationally.
Robinhood is crypto and stock exchange. Robinhood is known for its services in the stock market mainly but since law a few years ago it has had a better presence in the crypto Industry. In 2021, This platform grabbed huge revenue through crypto services. In particular, a very big portion of its earnings was included with the trading volume of Dogecoin.
Recently Robinhood platform announced its earnings report and reported that the company faced a net huge loss. Company report also clearly said that they grabbed huge success in the crypto business but not through its all services (obviously stock trading services).
“Cryptocurrencies for the quarter increased 304% to $48 million, compared to $12 million in the fourth quarter of 2020, and for the year increased to $419 million, compared with $27 million for the year ended December 31, 2020.”
Due to better success in the crypto industry, Exchange is ready to dive more deeply into crypto-related services so that they can bring more users and more revenue.
With the new expansion in the crypto offerings, Robinhood will be aimed to show a better increment in its overall revenue unlike 2021.
Through the financial report calls, Robinhood confirmed that the platform aims to expand its services globally.
“Robinhood has set aggressive goals to start opening its crypto platform up to customers internationally in 2022. The company believes in the immense potential of the crypto economy and sees a big opportunity in serving customers across the globe.”
Robinhood is a Dogecoin lover
In 2021, Robinhood grabbed huge earnings through the crypto trading volume. In Q2 2021, Robinhood grabbed $144 million alone with Dogecoin only.
Now Robinhood is adding new services with Dogecoin, probably Robinhood believes Dogecoin is better to do business globally.
The latest effort of Robinhood can be seen through the latest tweet of Past Dogecoin developer Billy Markus, which is showing that all Robinhood users can send tip in small amounts with less than penny fees.
Read also: 15% citizens want crypto ban in Russia: Survey
