Robinhood: US brokerage becomes dependent on Dogecoin

Charlie Taylor

Robinhood, the American exchange, warns that it could be harmful if interest in Dogecoin wanes, saying that the cryptocurrency was responsible for 34% of its revenue in the first quarter. The commission-free trading application warned its investors on Thursday (01) that his luck could be linked to a cryptocurrency that started out as a joke. Upon revealing his finances for the first time during the IPO process, Robinhood told the SEC that Dogecoin accounted for 34% of his first-quarter revenue. 2022. The explosive growth in Robinhood receitas revenue from dogecoin and other cryptocurrencies earlier this year also coincided with a rapid rally in the market as a whole.“Any slowdown in demand (for Dogecoin) the company said could adversely affect our results “A substantial part of the recent growth in our net revenue from cryptocurrency transactions comes from transactions with Dogecoin,” he added. a in its S-1 file filed with the Securities and Exchange Commission (SEC). “If the demand for transactions in Dogecoin decreases and is not replaced by new demand for other cryptocurrencies available for trading on our platform, our business, financial condition and results operating assets may be adversely affected.” Its total assets increased 23-fold in the first quarter compared to the same period last year. Also in the first quarter, Robinhood's total revenue increased 309% to $522 million.Dogecoin chart on Tradingview. Robinhood accompanies climb. Source: br.tradingview.com/The cryptocurrency meme, protagonist of the whole story, reached a peak in early May. In one month, crypto grew an impressive 1.354%. Consequently, it hit the price of 73 cents on May 7, being applauded by notable supporters, including Tesla CEO Elon Musk. It all started as an internet joke in 2013. One user combined the cryptocurrency concept with a Shiba dog Inu – behind the so-called Doge meme – to make a joke on Twitter.Robinhood will have to provide statements to the Shiba Inu stonks HR office " width="-374" height="-358Shiba Inu working on the postYesterday, Robinhood also noted that revenue from cryptocurrency transactions represented 17% of total revenue in the first quarter, or $87.6 million, compared to just 3%, or $4.2 billion , a year earlier.Read More:Buy and sell Bitcoin and other cryptocurrencies at Coinext
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