Robinhood saw $38M in crypto transaction revenue in Q1 2023
Stock and crypto trading platform Robinhood published its Q1 2023 results on May 10.
The company said that its cryptocurrency transaction revenues fell 1% sequentially to $38 million, even as overall transaction revenue increased by 11%.
Robinhood additionally said it increased its assets under custody by 26% sequentially to reach $78 billion. It said this was largely driven by higher market values for cryptocurrency and growth stocks as well as ongoing net deposits.
The company also said that it continues to grow its crypto business. Robinhood noted that its crypto wallet app is now available to all iOS users. The app has been downloaded over 100,000 times to date by users in 130 countries.
The company also highlighted the new Robinhood Connect service, which allows users to access Robinhood’s service from external crypto wallets.
Robinhood expressed concerns over growth in its full SEC filing. It warned that revenue will decline if it fails to attract and retain customers. It specifically cited resistance to cryptocurrency and dissatisfaction with its low number of supported cryptocurrencies as concerns.
The company also said in that filing that it has $11.4 billion in assets related to user crypto safeguarding obligation and $11.4 billion in liabilities in the same regard.
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