Robinhood saw crypto transaction revenue fall by 24% in Q4 2022
The trading app company was seemingly affected by the harsh crypto market.
Trading app company Robinhood reported various cryptocurrency-related trends in its quarterly and full-year report published on Feb. 8.
The company said that it saw cryptocurrency transaction revenues decrease 24% to $39 million sequentially during the fourth quarter of 2022. This trend was part of a larger decline that saw all transaction-based revenue fall 11% to $186 million.
Robinhood also said that its assets under custody (AUC) fell 4% sequentially to $62 billion. This trend was driven by lower market values in both the stock and cryptocurrency markets. Losses were partially mitigated by ongoing deposits, the firm said.
Robinhood’s balance sheets indicated that the firm had $8.4 billion of assets related its to user cryptocurrencies safeguarding obligation at the end of 2022.
The firm also noted that it has begun to roll out its wallet to more than a million waitlisted users. An announcement pertaining to the wallet was made on Jan. 19.
Robinhood’s stock (HOOD) closed down 0.76% today.