Robinhood reported a decrease in profits from cryptocurrency trading – Bits Media

According to a report from trading platform Robinhood, III quarter 2021 year, investor interest in digital assets decreased compared to the second quarter.

If in the second quarter of this year Robinhood's profit from cryptocurrency trading was 41% from the total income of the site, then in the third quarter the figure dropped to 19%. The company's transaction income amounted to $267 million, but along with the rest of its business, Robinhood recorded a loss of $1.32 billion.

“This quarter we have been developing new products and services for our customers, including cryptocurrency wallet. We have also added 24/7 support. We are becoming one of the most trusted and convenient platforms for retail and cryptocurrency investors.", – emphasized Vladimir Tenev, CEO and co-founder of Robinhood Markets.

At the same time, the Robinhood report reports a significant decrease in the number of new accounts with deposits in cryptocurrency and a slight decrease in the total number of accounts with a non-zero balance.

Recall, that the Robinhood cryptocurrency wallet is currently in the testing phase. As Tenev said earlier, more 1 million users are waiting for the release of the final version of the application for purchasing and exchanging seven major cryptocurrencies.