Robinhood to Launch Crypto Trading Services in EU in the “Coming Weeks”
Robinhood has revealed plans to introduce cryptocurrency trading services in the European Union (EU) in the near future.
Vlad Tenev, CEO and co-founder of the popular brokerage firm, made the announcement during the company’s third-quarter earnings report.
“Looking ahead, we remain focused on providing industry-leading products that serve far more of customers’ financial needs, gaining market share, expanding internationally, and continuing to change the industry for the better,” he said in a statement.
While Robinhood’s move to extend its crypto trading services beyond the United States into Europe is undoubtedly a significant development, it coincided with a decline in the platform’s overall crypto trading revenue.
The third-quarter earnings report showed a 26% drop in revenue, from $31 million in the previous quarter to $23 million.
Furthermore, when compared to the previous year, Robinhood experienced a significant decrease of 55% in crypto revenue, down from $51 million in 2022.
Moreover, the report highlighted an approximately 11% decrease in the total value of crypto assets held on behalf of customers, dropping from $11.5 billion in the previous quarter to $10.2 billion.
However, there was a 9% year-over-year increase compared to $9.4 billion.
In addition to the decline in crypto revenue, Robinhood reported a 4% decrease in total revenue from the previous quarter, falling from $486 million to $467 million.
The company’s third-quarter loss of $85 million, equivalent to a per-share loss of nine cents, was below analysts’ expectations of two cents.
In the second quarter of 2023, Robinhood recorded a profit of $25 million.
Following the earnings report, the company’s shares experienced a decline of up to 7.5% in after-market
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