Dogecoin Accounts for 40% of Robinhood’s Crypto Transaction Revenue in Q3

Buying and selling platform Robinhood has reported that 40% of its cryptocurrency transaction-based earnings used to be as a consequence of transactions within the meme cryptocurrency dogecoin within the 0.33 quarter. Via comparability, dogecoin accounted for 62% of the corporate’s transaction-based earnings in the second one quarter.

Dogecoin Buying and selling on Robinhood

Robinhood Markets Inc. said in its quarterly submitting with the U.S. Securities and Change Fee (SEC) Friday:

For the 3 months ended September 30, 2021, 40% of our cryptocurrency transaction-based earnings used to be as a consequence of transactions in dogecoin.

This used to be a vital lower from 62% for the 3 months ended June 30, and 34% for the 3 months ended March 31.

Robinhood’s third-quarter transaction-based earnings totaled $267 million, with most effective $51 million coming from cryptocurrency buying and selling. Income from crypto buying and selling totaled $233 million in the second one quarter.

The corporate’s Q3 submitting additional notes: “For the quarters ended September 30, 2021, June 30, 2021, and March 31, 2021, transaction-based earnings as a consequence of transactions in dogecoin comprised roughly eight%, 32%, and seven% of our overall web revenues, respectively.”

Robinhood defined, “We improve buying and selling in dogecoin and we benefited from a surge in hobby for dogecoin all the way through the quarter ended June 30, 2021,” including:

Whilst we lately improve seven cryptocurrencies for buying and selling, marketplace hobby specifically cryptocurrencies will also be risky and there are lots of cryptocurrencies available in the market that we don’t improve.

DOGE used to be down about nine% previously 24 hours, however up 7% within the ultimate seven days and 32% within the ultimate 30 days.

Recently, supporters of DOGE rival shiba inu are petitioning on for Robinhood to listing SHIB. On the time of writing, greater than 432Ok signatures were amassed. “Dogecoin has been an enormous good fortune for Robinhood, and its buyers. We’ve got all loved the journey. Shiba Inu is the same meme coin with authentic possible, up 2,000% within the ultimate weeks,” the petition states.

What do you consider dogecoin accounting for 40% of Robinhood’s transaction-based earnings? Tell us within the feedback phase under.

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