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The revival of the crypto market is bringing record sales to the Robinhood trading platform

Beleggingsapp kocht miljarden aan bitcoin in paar maanden

The US trading platform Robinhood reports a significant increase in trading volume in November. In a recent 8-K report dated December 4th, the platform pointed this out Crypto face value increased by 75%.

This means that the total value of cryptocurrencies traded on the Robinhood platform has increased significantly. Robinhood CEO Vlad Tenev hopes to achieve “nine-digit” annual revenue with this growth.

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Robinhood sees a turnaround in crypto trading volumes

This promising trading activity was not based on the trading volume in stocks and opinion contracts that Robinhood initially focused on. However, crypto trading volumes surged, according to the 8-K report, a mandatory document for publicly traded companies to notify investors of important events.

Robinhood also announced its Q3 results in the same report. These figures show that the platform experienced a 55% decline in crypto trading volumes annually. This points to a major turnaround for Robinhood in November.

Annual sales for Robinhood in the “nine-digit range”

News of the latest surge in November marks a positive turnaround for the trading platform. Given the recent crypto market rally that saw its total market capitalization increase by $1.6 billion, Robinhood is looking forward to a potentially profitable fourth quarter.

During a conference call in November, Tenev told investors that the platform could generate “nine-figure” annual revenue. He also recently emphasized in an interview with Yahoo Finance that private investors are rediscovering the crypto market.

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Bitcoin is revitalizing the crypto market

Tenev claims that a peak for Bitcoin (BTC) will bring more intensity and media coverage. According to the CEO of Robinhood, this will allow private investors to find their way back into the crypto market. He said:

“You can see that retail investors are identifying certain segments of the rally and there is growth in crypto activity. What typically happens, as we have seen in the past, is that media coverage and intensity increases as the price of Bitcoin approaches all-time highs.”

Robinhood owns a whopping 118,000 BTC, currently worth $4.9 billion. The company wants to expand its crypto services to Europe, particularly the UK market. In addition to offering stocks on the UK market, Robinhood also plans to launch futures trading in the UK next year.

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