Robinhood says crypto revenue jumped by over 45-fold in the second quarter to $233 million

Robinhood says crypto revenue jumped by over 45-fold in the second quarter to $233 million

Said crypto accounted for more than half of all transaction-based sales in the second quarter, and 62% of crypto revenue came from dogecoin, a meme-inspired digital coin originally started as a joke. In its first since its IPO last month, Robinhood said its from crypto transactions was $233 million, up from $5 million in the year-ago quarter. Crypto accounted for 52% of transaction-based revenue, up from 17% in the first quarter and 4% in the fourth quarter of last year. The company also noted that more than 60% of cumulative net-funded accounts traded crypto in the quarter. "The three months ended June 30, 2021 is the first quarter where a larger share of new customers placed their first trade in crypto rather than equities," Robinhood said in the earnings statement. While Robinhood gained popularity by bringing free stock trading to a new generation of investors, the company has also been a big beneficiary of the surge in cryptocurrency markets. The app allows investors to buy and sell seven digital currencies, including bitcoin, bitcoin cash, dogecoin, ethereum and litecoin. Cryptocurrencies had a particularly volatile second quarter. The price of bitcoin plunged by over 40% after a huge rally in 2020, though