Although the balance sheet for this quarter shows significant losses in all sectors, what is clear is that the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. market an area or arena, online or offline, in which commercial dealings are conducted. is bringing a growing margin of profit for Robinhood, which now represents 25% of its net income versus the 18% it capitalized by the end of 2021.
Robinhood, the popular platform a place to buy, sell and store cryptocurrency for trading stocks and cryptocurrencies that offers its services for customers in the U.S., recorded for this past quarter a drop in its overall revenue, but in turn indicated that it receives increasing amounts of capital capital is most commonly defined as the large sum of money you would use to invest. from its management for trading digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currencies.
This was revealed by the team of Robinhood in an earnings report for the first quarter of 2022 presented today, in which it indicated that its total net income for this period, of about USD $299 million, decreased by 43% compared to that recorded for the same period during 2021, where it collected a total of USD $522 million.
Traditional trading revenues fall but crypto trading revenues rise
Among the most interesting details revealed by the team at Robinhood was the fact that revenues from traditional market operations fell by 48% from the $420 million seen last year to a capitalized $218 million in the first quarter of 2022.
On the other hand its cryptocurrency management also saw a 39% drop from what was seen in the first quarter of last year, as for this period it capitalized about USD $54 million versus USD $88 million seen between January and March 2021.
However, the detail here is that this quarter’s results for the crypto sector operations contemplate slight gains gains refer to an increase in value or profit. compared to what was recorded for the last quarter of 2021, where profits of USD $48 million were capitalized.
The capitalized figures in the crypto trading sector account an account is essentially a whose purpose is to track the financial activities of a specific asset/ for 25% of the total profits recorded by Robinhood during this last period. Overall, that proportion also increased from last quarter, when it represented only 18% of total revenues.
Increased interest in cryptocurrency trading
In the face of what can be interpreted as an overall drop in capitalized revenues by Robinhood, markets area finance director Jason Warnick commented:
“We are seeing our customers impacted by the macroeconomic environment, which is reflected in our results this quarter… At the same time, we have also made progress on our long-term plans and continue to pursue them much more aggressively.”
But the reading that can be given to these partial results is that interest in cryptocurrencies is increasingly gaining momentum among users of the platform, which would go hand in hand with the trend seen in other foreign markets.
Currently, the cryptocurrency market has a total market capitalization of over USD $1.8 trillion, with the largest amount of capital being represented by Bitcoin, which alone has a total valuation in excess of USD $754.4 billion at the time of publication, followed by Ethereum a decentralized open-source blockchain with smart contracts functionality. con unos USD $353.681 millones.
According to CoinMarketCap, the five highest rated exchanges are Binance, Coinbase, FTX, Kraken y KuCoin respectively, of which several capitalize daily trading volumes well in excess of USD $2 billion per day.
But back to Robinhood, Long-term plans include the launch of its own crypto wallet, as well as integrating its trading platform with Lightning Network, which would speed up and make more economical the transactions carried out with Bitcoin.
- Robinhood moves ahead with expansion into Europe, announces purchase of UK-based Ziglu
- Shiba Inu, Solana, Polygon y Compound se agregaron a Robinhood, precios suben
- Robinhood plans to add Lightning and will finally allow cryptocurrencies to be withdrawn outside of the app
Version by Angel Di Matteo / DiarioBitcoin
Imagen de Unsplash