Robinhood Q1 2023 Reports Decline in Crypto Transaction Revenue

• Robinhood’s overall transaction revenue has increased by 11%.
• The platform added a new Robinhood Connect service.

Robinhood, the stock and crypto trading platform, released its Q1 2023 results on May 10. The trading platform stated that its cryptocurrency transaction revenue declined by over 1% and reached $38 million. At the same time, overall transaction revenue has increased by 11%. Moreover, the platform also increased its assets under custody by 26%, reaching $78 billion. 

The company stated that it was fueled by the rising market values for cryptocurrency, growth stocks, and ongoing net deposits. Additionally, it mentioned that the company continues to grow its crypto business.   

The company also mentioned that the company’s crypto wallet is now available for iOS users. The app’s download rate has reached around 100,000 users in 130 countries. The company also added a new Robinhood Connect service. This allows users to access Robinhood’s services from external crypto wallets.

Robinhood warned that revenue would start to decline if it failed to attract and retain customers. Moreover, the company has stated it has $11.4 billion in assets related to user crypto-safeguarding obligations.