Dip in Revenue Since Last Quarter
Robinhood recently reported a 4% decrease in revenues for the third quarter of 2023, totaling $467 million. The company experienced a loss of $85 million, resulting in a per-share loss of 9 cents.
On the other hand, Robinhood’s crypto division showed a different story. Despite a decrease of approximately 11% in the amount of crypto stashed on behalf of customers since last quarter, the current figure of $10.2 billion represents a 9% year-over-year increase since Q3 of 2022.
Despite the decline in revenues, Robinhood CEO Vlad Tenev is focused on further expansion and plans to enable crypto trading in the European Union within the next few weeks.
Better Regulatory Environment
Previously, crypto trading on Robinhood was only available in the U.S. However, the company plans to bring crypto trading capabilities to Europe due to the more favorable regulatory environment. This move will allow for a different set of assets compared with those available in the U.S.
This decision comes after recent lawsuits by the SEC against Binance and Coinbase for allowing certain tokens to be traded, which were believed to be unregistered securities.
Hot Take: Expansion into Europe
Robinhood’s expansion into Europe marks an exciting new phase for both the company and its customers. With a more favorable regulatory environment, this move opens up new opportunities for crypto traders and signals potential growth for Robinhood’s business.
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