Robinhood (HOOD), one of the most popular retail trading platforms reports record losses
Robinhood (HOOD) Trading Profit Fall Short of Wall Street’s Forecasts
In comparison to the profit realized during the meme coin and token mania in November-October of last year, the drop equaled 6%.
In comparison to the same period a year ago, the corporation has gained 304 percent. Investors, on the other hand, were not pleased with the news, and the company’s stock plummeted in post-market trade.
Along with zero-commission transactions, bitcoin trading was a big aspect of Robinhood’s offerings. The company was able to sign up a huge number of new users as a result of the campaign, putting it on par with exchanges like Coinbase Global.
Robinhood’s digital asset trading revenue hit $233 million in the second quarter of 2021. The quick rise was fueled by a surge in retail interest in digital assets such as Bitcoin and Ethereum.
Tier-2 cryptocurrencies, like as Dogecoin, later garnered investor attention and accounted for 40% of all crypto earnings.
Previously, a number of crypto influencers, the crypto community as a whole, and the official team of Shiba Inu, one of the most popular memetokens on the market, lobbied Robinhood for a listing of a token with roughly 1.2 million holders.
When responding to the listing request, the platform’s CEO, Vlad Tenev, did not specifically address SHIB, but did tell the community that the SEC’s oversight is the only reason for the platform’s lengthy Shiba Inu listing procedure.