Robinhood says dogecoin accounted for 34% of crypto revenue in Q1

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Robinhood says dogecoin accounted for 34% of crypto revenue in Q1

Robinhood, the company which brought stock trading to the masses, saw such growth in dogecoin transactions this year that it included a specific risk in is IPO prospectus tied to the cryptocurrency. The company said filing on Thursday that the meme-inspired token accounted for 34% of its cryptocurrency transaction-based revenue in the first quarter, compared to a year earlier. That's up from 4% in the fourth quarter. Much of that growth has coincided with a barrage of tweets about dogecoin from Tesla CEO , who on Thursday tweeted "Release the Doge!" Dogecoin-derived income accounted for 6% of the company's overall revenue in the period, while crypto made up 17%. The trading app offers seven different digital coins, including bitcoin, ethereum, and litecoin. Robinhood said that its business could be hurt "if the markets for dogecoin deteriorate or if the price of dogecoin declines, including as a result of factors such as negative perceptions of dogecoin or the increased availability of dogecoin on other cryptocurrency trading platforms." Crypto trading, which was first introduced on Robinhood in 2018, has ballooned in the last few years. Robinhood makes money in crypto by routing orders to market makers that the company says offer "competitive

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