Despite a drop in crypto revenue during the second quarter, Robinhood (NASDAQ:HOOD) co-founder and CEO, Vlad Tenev, expressed confidence in the company’s ongoing investment in the cryptocurrency market at the company’s second-quarter conference call.
What Happened: Tenev cited the recent launches of Robinhood Wallet and Robinhood Connect as successful endeavors that resonated with customers.
He said, “Our goal is to be the safest, most trusted place for customers to hold, trade, and transact with their crypto. We see our recent launches of Robinhood Wallet and Robinhood Connect resonating with customers, and we look forward to continuing to invest in crypto.”
While Robinhood did not provide specific metrics regarding its market share in the cryptocurrency sector, Chief Financial Officer Jason Warnick confirmed that the company was gaining traction in the coins it offers.
He attributed this growth to Robinhood’s value proposition and exceptional user experience, which, according to Warnick, make the platform the preferred choice for retail traders seeking to buy crypto.
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Why It Matters: However, Robinhood’s revenue from cryptocurrency transactions saw an 18% decline to $31 million, as stated in their quarterly report.
The company reported transaction revenue of $193 million, which was down 7% quarter-over-quarter. Equity-related revenue was $25 million and down 7% year-over-year. Net interest revenue was up 13% year-over-year to $234 million.
Price Action: At the time of writing, Bitcoin (CRYPTO: BTC) was trading at $29,146.61, down 1.36% in the last 24 hours, according to Benzinga Pro.
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