Robinhood Reports $298B in Assets as Crypto Volume Doubles


Robinhood Reports 8B in Assets as Crypto Volume Doubles


Robinhood hits $298B in assets with 217% crypto trading surge in July, fueled by growing retail investor activity and market trends.

Robinhood just posted one of its strongest months ever in July. The company reported strong platform assets, sharp growth in customer accounts and a huge spike in crypto trading.

Crypto trading volumes on the Robinhood app rose to $16.8 billion for the month, up 217% compared to the same period in July of last year. 

When combined with activity from its newly acquired Bitstamp exchange, crypto volumes reached $28.7 billion. 

Robinhood Funded Accounts and Assets Reach New Highs

By the end of July, Robinhood had 28.4 million funded customer accounts. This figure includes 2.5 million new accounts opened during the month and makes it one of the company’s strongest user acquisition periods in recent years. 

Many of these new users were first-time investors who were likely drawn by the platform’s low barriers to entry and simple interface.

Platform assets also hit $298 billion, which is a 106% increase compared to the same month last year. The growth came from both strong asset values and strong inflows. 

In addition, net deposits for July were $6.4 billion, up 42% year over year and 28% on an annualised basis from June. Over the past 12 months, total deposits reached $60.1 billion.

Crypto Activity Takes Centre Stage

Robinhood credited favourable market conditions for its jump in crypto trading. Bitcoin traded near $122,000 for much of July, and Ethereum traded near its all-time highs. Other tokens also saw strong interest, which boosted engagement on the platform.

On Bitstamp, which Robinhood acquired earlier in the year, trading volumes grew 78% month over month. The acquisition has helped Robinhood diversify its customer base and extend its reach in the worldwide crypto market.

Crypto now accounts for a larger share of Robinhood’s total transaction revenue than in previous months. 

While equities and options are still important, the company sees digital assets as its biggest growth driver.

Diversifying Revenue Sources

Even though transaction-based is still a large part of Robinhood’s revenue, the firm has been expanding its other income streams. Securities lending has grown so far, and new financial products are attracting both retail and institutional investors.

Average revenue per user rose slightly from last year in a show of the benefits of increased activity and new services. 

However, Robinhood says it aims to balance transaction revenue with more stable income sources.

Robinhood’s International Expansion Plans

Robinhood is working to grow its presence beyond the U.S. The company plans to enter new international markets later this year. 

Management believes that reaching more countries will help smooth out revenue fluctuations that have been linked to U.S. market conditions.

International expansion has already started paying off, with new customer sign-ups in markets outside the U.S. This push comes alongside product enhancements that are aimed at attracting more investors, from casual traders to more experienced traders.

The post Robinhood Reports $298B in Assets as Crypto Volume Doubles appeared first on Live Bitcoin News.





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