Robinhood, a discount brokerage platform, released its financial reports for the first quarter of 2022 on April 28. Although the company’s net revenue fell by 43% year-over-year to $299 million, it listed four trending tokens in Q1 2022.
Specifically, revenue from cryptocurrency trading decreased by 39% to $54 million over the same time period. This was owing in part to a drop in interest in meme stocks, as well as a protracted cryptocurrency bear market that dominated much of the first quarter of the year.
Despite the drop in sales, the company’s net cumulative funded accounts increased by 27% to 22.8 million year-over-year. Total assets under custody climbed 15% to $93.1 billion at the same time.
Robinhood has taken a number of significant initiatives to improve its crypto business. First, in early April, the company began rolling out crypto wallets to the approximately two million clients on the waitlist, with a full roll-out completed this week.
Following that, Robinhood released four additional coins in response to client requests: Compound (COMP), Polygon (MATIC), Solana (SOL), and Shiba Inu (SHIB).
Finally, Robinhood intends to integrate with the Lightning Network layer-2 Bitcoin (BTC) payment system for faster transactions and lower fees. According to Robinhood:
“Once fully integrated, we expect the service to help accelerate Robinhood’s ability to serve Bitcoin remittances on a global scale — at virtually no cost — and will be important for international expansion.”
As part of its vision, Robinhood agreed to buy Ziglu, a U.K.-based electronic money institution and crypto business, earlier this month. Robinhood intends to use Ziglu’s staff of financial services and cryptocurrency professionals to help the company expand across the UK and Europe.
