Robinhood to Launch Crypto Trading Internationally — Sees ‘Immense Potential’ in Crypto Economy
Robinhood has “set aggressive goals to start opening its crypto platform up to customers internationally in 2022,” the popular trading platform revealed during its Q4 earnings call. “The company believes in the immense potential of the crypto economy and sees a big opportunity in serving customers across the globe.”
Robinhood’s Crypto Earnings, Expansion Plans
Robinhood Markets Inc. (NASDAQ: HOOD) released its fourth quarter and full year 2021 results Thursday.
The company’s total net revenues for the quarter increased 14% from the same period in 2020 to $363 million. For the year, the total net revenues increased 89% to $1.82 billion from the previous year. The trading platform’s transaction-based revenues, which include revenues from cryptocurrency trading, were $264 million in Q4 and $1.40 billion in 2021.
Cryptocurrencies for the quarter increased 304% to $48 million, compared to $12 million in the fourth quarter of 2020, and for the year increased to $419 million, compared with $27 million for the year ended December 31, 2020.
The company also reported that the “average revenues per user (ARPU) for the quarter decreased 39% to $64 on an annualized basis, compared with $106 in the fourth quarter of 2020.” The ARPU for the year decreased 5% to $103, compared with $109 for the previous year.
Regarding plans for the year 2022, the trading platform said:
Robinhood has set aggressive goals to start opening its crypto platform up to customers internationally in 2022. The company believes in the immense potential of the crypto economy and sees a big opportunity in serving customers across the globe.
Robinhood currently supports the buying, selling, and real-time market data for bitcoin (BTC), bitcoin cash (BCH), bitcoin sv (BSV), dogecoin (DOGE), ethereum (ETH), ethereum classic (ETC), and litecoin (LTC).
Shiba inu crypto supporters have petitioned on Change.org for the trading platform to list SHIB. However, the company said it is in no hurry to list additional coins, stating: “We’re a highly regulated company in a highly regulated industry, and we think it’s important that we get a bit more clarity from regulators.”
Last week, Robinhood began rolling out its crypto wallets to customers. “By March, we will expand the program to 10,000 customers before rolling out to the rest of the Wenwallets waitlist,” the company said.
What do you think about Robinhood’s plan to expand internationally? Let us know in the comments section below.
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