Dogecoin Accounts for 40% of Robinhood’s Crypto Transaction Revenue in Q3 – Altcoins Bitcoin News

Trading platform Robinhood has reported that 40% of its cryptocurrency transaction-based income was attributable to transactions within the meme cryptocurrency dogecoin within the third quarter. By comparability, dogecoin accounted for 62% of the corporate’s transaction-based income within the second quarter.

Dogecoin Trading on Robinhood

Robinhood Markets Inc. said in its quarterly submitting with the U.S. Securities and Exchange Commission (SEC) Friday:

For the three months ended September 30, 2021, 40% of our cryptocurrency transaction-based income was attributable to transactions in dogecoin.

This was a big lower from 62% for the three months ended June 30, and 34% for the three months ended March 31.

Robinhood’s third-quarter transaction-based income totaled $267 million, with solely $51 million coming from cryptocurrency buying and selling. Revenue from crypto buying and selling totaled $233 million within the second quarter.

The firm’s Q3 submitting additional notes: “For the quarters ended September 30, 2021, June 30, 2021, and March 31, 2021, transaction-based revenue attributable to transactions in dogecoin comprised approximately 8%, 32%, and 7% of our total net revenues, respectively.”

Robinhood defined, “We support trading in dogecoin and we benefited from a surge in interest for dogecoin during the quarter ended June 30, 2021,” including:

While we at present assist seven cryptocurrencies for buying and selling, market curiosity specifically cryptocurrencies will be unstable and there are lots of cryptocurrencies available in the market that we don’t assist.

DOGE was down about 9% prior to now 24 hours, however up 7% within the final seven days and 32% within the final 30 days.

Currently, supporters of DOGE rival shiba inu are petitioning on for Robinhood to checklist SHIB. At the time of writing, greater than 432K signatures have been collected. “Dogecoin has been a huge success for Robinhood, and its investors. We have all enjoyed the ride. Shiba Inu is a similar meme coin with genuine potential, up 2,000% in the last weeks,” the petition states.

What do you concentrate on dogecoin accounting for 40% of Robinhood’s transaction-based income? Let us know within the feedback part under.

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