Robingood's Profit from Cryptocurrency Transactions Fell by 30%

During the first quarter, the broker Robinhood showed a decline in profits from transactions that are related to cryptocurrencies. The broker's report says that it decreased by 30%, amounting to $ 38 million.

Learn more about the reasons

Only the last quarter of 2020 showed a lower profit. Then the income was only $ 12 million. Then the profit grew, reaching from $ 49 million to $232 million.

In comparison with the 4th quarter, the metric fell by 1%. In total, the profit from transactions for the 1st quarter fell by 5%, reaching $ 207 million. Total profit increased by 16%, exceeding $440 million. This was made possible by increasing the NPD by 24% – over $ 200 million.

The loss for the same period reached over $510 million. For the 4th quarter of last year, it was in the amount of more than $ 160 million.

The company's specialists will explain the drop in profits by the fact that operations with digital assets decreased by 1% over the quarter. At the same time, the amounts at the conclusion of transactions increased by an average of 6%.

At the same time, the company began to store cryptocurrencies more. Their volume increased by 37%, reaching over 12 billion. This is explained by the improvement of the crypto market situation.

Recall that the broker will have to pay over 10 million in fines due to various problems. After all, as a result of this, investors were harmed.

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