trading platform Robinhood reported that 40% of its revenue based on cryptocurrency transactions was attributable to transactions of the same cryptocurrency dogecoin in the third quarter. In comparison, dogecoin representation 62% company revenue based on second quarter transaction.
Dogecoin trading on Robinhood
Robinhood Markets Inc. said. in its quarterly filing with the U.S. Securities and Exchange Commission (SEC) on Friday:
«For the three months ended September 30, 2021, 40% of our cryptocurrency transaction based revenue was attributable to dogecoin transactions. »
This is down significantly from 62% for the quarter ended 30 June and 34% for the quarter ended 31 March.
Revenues based on Robinhood’s third – quarter transaction amounted to $ 267 million, of which only $ 51 million came from crypto trading. Crypto trading revenue amounted to $ 233 million in the second quarter.
The company’s third quarter filing also states: For the quarter ended Sept. 30, 2021, June 30, 2021, and March 31, 2021, transaction-based revenue attributable to dogecoin transactions accounted for approximately 8%, 32%, and 7% of our total net revenue, under seach.»
Robinhood Support for DOGE
Robinhood explained: “NWe support dogecoin trading and benefited from renewed interest in dogecoin during the quarter ended June 30, 2021“, putting:
«While we currently support seven trading currencies, market interest in particular cryptocurrencies can be volatile and there are many cryptocurrencies in the market that we do not support.»
DOGE has decreased by about 9% in the last 24 hours, but increased by 7% in the last seven days and 32% in the last 30 days.
Currently, shiba inu rival DOGE supporters are wondering about itchange.orgthat Robinhood SHIB listings. At the time of writing, over 432,000 signatures have been collected. “Dogecoin has been a great success for Robinhood and its investors. We all enjoyed the ride. Shiba Inu is a similar base with real potential, an increase of 2,000% in recent weeks, ”Reads the petition.
Doge suffered a significant drop this third quarter compared to the previous one, leaving Robinhood with only 40% of crypto transaction revenue compared to 62% for the previous quarter. This significant decline may have been impacted by recent competition from SHIB. Either way, Robinhood said it supports dogecoin trading and notes the recent increase in interest in it.
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