Dogecoin accounts for 40% of Robinhood’s crypto transaction revenue in Q3 – Altcoins Bitcoin News

Trading platform Robinhood has reported that 40% of its transaction-based cryptocurrency revenue can be attributed to transactions in the meme cryptocurrency dogecoin in the third quarter. In comparison, dogecoin accounted for 62% of the company’s transaction-based revenue in the second quarter.

Dogecoin trading on Robinhood

Robinhood Markets Inc. stated in its quarterly report to the US Securities and Exchange Commission (SEC) on Friday:

For the three months ended September 30, 2021, 40% of our transaction-based cryptocurrency revenue could be attributed to transactions in dogecoin.

This was a marked decrease from 62% for the three months ending 30 June and 34% for the three months ending 31 March.

Robinhood’s transaction-based revenue in the third quarter was $ 267 million, of which only $ 51 million comes from cryptocurrency trading. Revenue from crypto trading was $ 233 million in the second quarter.

The company’s 3rd quarter filing further notes: “For the quarters ending September 30, 2021, June 30, 2021, and March 31, 2021, transaction-based revenue attributable to dogecoin transactions was approximately 8%, 32%, and 7%. of our total net revenue, respectively. “

Robinhood explained, “We support trading in dogecoin and we benefited from an increase in interest in dogecoin during the quarter ending June 30, 2021,” added:

While we currently support seven cryptocurrencies for trading, market interest in cryptocurrencies in particular may be volatile and there are many cryptocurrencies on the market that we do not support.

DOGE has fallen around 9% in the last 24 hours, but increased 7% in the last seven days and 32% in the last 30 days.

Currently, supporters of DOGE competitor shiba inu on Change.org are asking Robinhood to list SHIB. At the time of writing, more than 432,000 signatures have been collected. “Dogecoin has been a great success for Robinhood and its investors. We have all enjoyed the trip. Shiba Inu is a similar meme coin with real potential, an increase of 2,000% in recent weeks,” the petition said.

What do you think about dogecoin accounting for 40% of Robinhood’s transaction-based revenue? Tell us in the comments section below.

Image credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or approval of products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is directly or indirectly responsible for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on the content, goods or services mentioned in this article.

Leave a Comment