Robinhood is fully committed to cryptocurrencies
Since Robinhood got another Crypto COO in late March, the platform has been betting full on cryptocurrencies. In April, the trading platform added the crypto coins Compound, Polygon, Shiba Inu and Solana to its offering. With that, the app now offers 11 crypto coins, including Bitcoin, Bitcoin Cash, Bitcoin SV, Dogecoin, Ethereum, Ethereum Classic and Litecoin.
A week earlier, at the Bitcoin 2022 conference, Robinhood also announced its intention to use the Lightning Network to send faster, cheaper BTC transactions. At the same time, the company also revealed that users could transfer their crypto assets from Robinhood to other wallets.
Cryptocurrency was one of the few bright spots for the Robinhood trading platform, which reported an 18% drop in revenue in the first quarter of this year and recently laid off 9% of its staff. However, the company’s cryptocurrency trading revenues increased from $48 million to $54 million. So it is perhaps not surprising that the trading platform bets more on cryptocurrencies.