February 16, 2023 1:20 AM | 1 min read
Robinhood (NASDAQ: HOOD) reported a 95% month-on-month increase in cryptocurrency trading volumes in January, with total volumes amounting to a whopping $3.7 billion.
What Happened: Notional Trading Volumes were the primary driver of transaction revenues in January and were significantly higher than in December. Equities reached $46 billion, an increase of 19%, while option contracts climbed 10%, reaching $82.9 million.
At the end of January, Monthly Active Users (MAU) on Robinhood reached 12 million, 600,000 more than in December – a 5% increase. Assets Under Custody (AUC) climbed to $74.7 billion, a 20% increase from the end of December.
See More: Top Indian Apps That Give Bitcoin, NFT Rewards
In the fourth quarter earnings call, Robinhood reported a decline in transaction-based revenue of 11%, down to $186 million.
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Additionally, Options transaction revenue remained unchanged, whereas cryptocurrency and equity transaction-based revenues were down 24% and 32%, respectively.
The online brokerage also allows retail investors to make recurring investments in cryptocurrencies like Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE) on its platform.
Robinhood said its board has also authorized the purchase of the 55 million shares previously bought by Emergent Fidelity Technologies, related to a stake in the company owned by FTX‘s disgraced co-founder and former CEO, Sam Bankman-Fried.
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