Popular retail trading platform Robinhood has posted its Q2 earnings. The report reveals about 41% of the trading platform’s Q2 revenue came from crypto trading.
In its latest filing with the SEC, Robinhood has confirmed that it generated a whopping $233 million in crypto trading revenue for the second quarter ending June 30 2021. The surge in revenue is massive. In 2020 the trading app generated total yearly revenue of only $5 million for the entire year.
Interestingly the most popular crypto asset traded on the Robinhood platform was Dogecoins which accounted for over 60% of the total revenue from the crypto trade.
Commenting on the firm’s performance, Vlad Teev, co-founder and CEO of Robinhood, said: “We’re encouraged by the number of people who are accessing the financial system for the first time through Robinhood.”
Robinhood reported $565 million of total revenue for the second quarter. It also reported a surge in monthly users which nearly doubled when compared with the same period the previous year.