Robinhood Markets Inc. HOOD reported a more than fivefold jump in cryptocurrency volumes in the fourth quarter.
What happened: The trading platform released its quarterly financials after Wednesday’s market close and disclosed a cryptocurrency notional trading volume of $71 billion, up 400% year-over-year.
The volume surge helped boost cryptocurrency-related revenue to $358 million, marking a massive 700% jump from the last year. For context, this represented over half of the firm’s total transaction-based revenue for the quarter.
Robinhood also reported an 88% jump in assets under custody year-over-year, driven by high equity and cryptocurrency valuations.
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The company’s cryptocurrency arm, Robinhood Crypto, allows users to trade in popular coins such as Bitcoin BTC/USD, Ethereum ETH/USD, Dogecoin DOGE/USD,…
