Robinhood’s third-quarter revenue plummets 55%

Investment app Robinhood’s cryptocurrency trading revenue fell sharply in the third quarter, continuing a trend seen throughout 2023.

According to Robinhood’s latest announcement on Tuesday, cryptocurrency-based trading revenue fell to $23 million, a 55% month-on-month decrease.

The decline was even more pronounced in the cryptocurrency space, with Robinhood’s stock trading revenue down 13% from the previous quarter.

The company’s cryptocurrency trading revenue fell about 1% in the first three months of 2023 to $38 million. It then dropped to $31 million in the second quarter, with the latest drop announced Tuesday.

CEO Vlad Tenev said during Robinhood’s earnings call on Tuesday that the company is committed to enhancing the user experience for cryptocurrency investors.

“We will continue to innovate and improve in this area,” he said. “I think there are a lot of promising signs and a lot of people taking the time to build this industry. We’re going to continue to be the leader here.”

Chief Financial Officer Jason Warnick also said that clearer cryptocurrency regulation will help Robinhood “innovate faster.”

Robinhood isn’t the only company having trouble with cryptocurrency trading.

total transaction volume Coin Library The third quarter dropped 12% from the previous three months. The exchange noted in a shareholder letter last week that low price volatility and a negative “general global environment” impacted market closing volumes.

Robin Hood has Debut Cryptocurrency trading started in February 2018 Bitcoin and ether. The Company does not charge commission on these transactions.

The company has stopped supporting Cardano (ADA), Polygon (MATIC) and Solana (Sol) after June SEC v. Binance and Coinbase alleged that some crypto assets were not registered as securities.

However, Robinhood appears to be committed to the cryptocurrency space. In an announcement on Tuesday, the company highlighted plans to launch cryptocurrency trading in the European Union in the coming weeks.

“Cryptocurrencies benefit from a relatively clear regulatory framework in the EU, and we are eager to leverage our capabilities to better serve this market,” Tenev said at the conference.

The company has started allowing wallet users Network 3 Held on his own in August using the Bitcoin network, Dogecoin Hold, send and receive cryptocurrency.

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