Robinhood Brokerage Platform publishedFinancial results for the first quarter of 2022 year on year The company’s net income fell 43% to $299 million. In particular, cryptocurrency trading revenue fell 39 percent to $54 million, partly due to a decline in interest in Meme stocks and a bear market. of the ongoing digital currency which occupies most of the first three months of the year
However, although sales declined But the company’s net retained capital account rose 27% year-on-year to 22.8 million accounts. Total assets under custody grew 15% to $93.1 billion, with Robinhood taking a number of important steps to strengthen its crypto business. early April And it launches in full this week.
Then, in response to customer requests, Robinhood listed four new coins: Compound (COMP), Polygon (MATIC), Solana (SOL), and Shiba Inu (SHIB). Bitcoin (BTC) Layer 2 payments like Lightning Network for faster transactions with lower fees.
“Once the Lightning Network integration is complete, we expect to accelerate Robinhood’s ability to offer global Bitcoin remittances at little to no cost and will be critical to its expansion. still abroad”
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