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Crypto-friendly buying and selling platform Robinhood has reported a 75% month-on-month improve in digital asset buying and selling quantity in November.
In an 8-Okay filing to the Securities and Alternate Fee on Dec. 4, Robinhood famous that “November Crypto Notional Buying and selling Volumes had been roughly 75% above October 2023 ranges.”
The exercise nevertheless fairness buying and selling volumes and choices contracts traded had been roughly flat in the identical month in comparison with October.
The bumper month marks a reversal for Robinhood, which revealed a 55% decrease in cryptocurrency notional volumes over the 12 months in its Q3 outcomes submitting.
Because of this, its Q3 income got here in under analyst estimates for the quarter at $467 million. Transaction-based revenues declined by 11% year-on-year to $185 million, largely as a result of fall in crypto volumes over 202
Robinhood could possibly be eyeing a extra worthwhile fourth quarter in mild of the current crypto market rally, which has seen complete capitalization surge 40% to $1.6 trillion over the previous two months.
Robinhood co-founder and CEO Vlad Tenev advised traders in a November earnings name that the platform may ultimately reel “9 figures” in annual income.
Talking to Yahoo Finance on Dec. 4, Tenev stated that retail traders had been beginning to present curiosity in crypto once more.
“You are beginning to see retail traders get up to sure segments of the rally, and in crypto exercise, you are seeing a groundswell,”
“What tends to occur is, as we’ve seen previously, as the worth of Bitcoin approaches all-time highs, the media protection and depth will increase,” he stated earlier than including, “I feel that performs a task additionally.”
Associated: Robinhood to roll out US stock trading in British market
HOOD costs have gained this 12 months, up simply 18% for the reason that starting of 2023. The corporate inventory nevertheless has been down-trending since mid-July after reaching a 2023 excessive of simply over $13. HOOD was priced at $9.95 in after-hours buying and selling after gaining 2.5% day by day.
Along with launching equities to U.K. markets, Robinhood plans to launch futures buying and selling in 2024, pending regulatory approval.
In August, Cointelegraph reported that Robinhood had accumulated 118,000 BTC value round $3 billion on the time.
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