Robinhood to launch crypto trading internationally – sees ‘tremendous potential’ in crypto economy
Robinhood has “set aggressive targets to begin opening its crypto platform to customers around the world in 2022,” the popular trading platform revealed during its fourth quarter earnings call. “The company believes in the immense potential of the crypto-economy and sees great opportunity in serving customers around the world.”
Robinhood Crypto Earnings, Expansion Plans
Robinhood Markets Inc. (NASDAQ: HOOD) released its fourth quarter and full year 2021 results on Thursday.
The company’s total net revenue for the quarter increased 14% from the same period in 2020 to $363 million. For the year, total net revenue increased 89% to $1.82 billion from the prior year. The trading platform’s transaction-based revenue, which includes revenue from cryptocurrency trading, was $264 million in the fourth quarter and $1.40 billion in 2021.
Detailed Robinhood:
Cryptocurrencies for the quarter increased 304% to $48 million, from $12 million in Q4 2020, and for the year increased to $419 million, from $27 million for the year closed on December 31, 2020.
The company also reported that “average revenue per user (ARPU) for the quarter decreased 39% to $64 on an annualized basis, compared to $106 in the fourth quarter of 2020.” ARPU for the year decreased 5% to $103 from $109 for the prior year.
Regarding the plans for the year 2022, the trading platform said:
Robinhood has set ambitious goals to begin opening its crypto platform to customers internationally in 2022. The company believes in the immense potential of the crypto economy and sees a great opportunity to serve customers all over the world.
Robinhood currently supports real-time buy, sell, and market data for bitcoin (BTC), bitcoin cash (BCH), bitcoin sv (BSV), dogecoin (DOGE), ethereum ( ETH), ethereum classic (ETC) and litecoin. (LTC).
Shiba inu crypto proponents have requested on Change.org that the trading platform list SHIB. However, the company said it was in no rush to list additional coins, stating, “We are a highly regulated company in a highly regulated industry, and we think it’s important that we get a little more clarity from regulators.”
Last week, Robinhood began rolling out its crypto wallets to its customers. “By March, we will expand the program to 10,000 customers before rolling it out to the rest of the Wenwallets waiting list,” the company said.
What do you think of Robinhood’s plan to expand internationally? Let us know in the comments section below.
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