Robinhood Says Dogecoin Massively Boosted Q2 Revenue 46666g ed for 62 percent of crypto revenue

Robinhood's Q2 surge coincided with a barrage of tweets by Musk against Bitcoin and in of Dogecoin. 55715y

By Edited by Gadgets 360 Newsdesk | Updated: 20 August 2021 15:16 IST

Robinhood Says Dogecoin Massively Boosted Q2 Revenue, ed for 62 percent of crypto revenue

Robinhood launched its IPO last month 6y2f5h

Highlights

Robinhood saw Q2 revenue of $233 million (roughly Rs. 1,730 crores)
Robinhood made its IPO debut in July
Robinhood allows investors to buy and sell leading digital currencies

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Dogecoin ed for nearly 62 percent of the commission-free cryptocurrency trading app Robinhood's revenue of $233 million (roughly Rs. 1,730 crores) in the second quarter. In its earnings report to US authorities, Robinhood, which last month launched its IPO, highlighted a significant increase in its crypto revenue in Q2 2021 when compared to the same period last year — from $5 million (roughly Rs. 37.2 crores) to $233 million. Dogecoin has gained wide publicity after tech tycoon Elon Musk endorsed it on social media and billionaire investor Mark Cuban also ed it.

In July, when the company Bitcoin, the world's oldest crypto, and in of Dogecoin.

Do you want Tesla to accept Doge?
— Elon Musk (@elonmusk) May 11, 2021

Robinhood told the US Securities And Exchange Commission that cryptocurrency ed for about 52 percent of all transaction-based revenue on the platform. It also said that a growing number of its new s preferred to make their first trades in cryptocurrency and not equities.

“We're encouraged by the number of people who are accessing the financial system for the first time through Robinhood,” said Vlad Tenev, co-founder and CEO of Robinhood.

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Though Robinhood, that allows investors to buy and sell leading digital currencies, including Bitcoin, Dogecoin, and Ethereum, brought commission-free stock trading to a growing number of new investors, it benefited hugely from the cryptocurrency surge. Robinhood's business model is based on routing orders to market makers and taking a percentage of the order value.

Cryptocurrencies have seen an immensely volatile run since May when the market crashed. Though it has recovered and the top coins are back to a satisfactory level, it is not yet certain whether the market has stabilised yet.As of August 20 (3:12pm IST), Dogecoin Price in India stood at Rs. 24.48.

Robinhood's Shareholders: Are Crypto Wallets Coming and Do We Get Hoodies?

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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Cryptocurrency Prices across Indian exchanges

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