AI · The Block
Robinhood Chain brings in $26 million as crypto revenue rises 20% in Q3
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Robinhood 's crypto revenue jumped 20% from the previous quarter to $120 million, offsetting a decline in crypto trading revenue, the company reported Tuesday.
Key facts
- The company said Robinhood Chain, its layer 2 blockchain built on Arbitrum, processed more than $80 billion in DEX volume and made over $50 million in fees during the quarter
- Robinhood shares Robinhood Markets, Inc. HOOD +1.84% fell 5.5% in after-hours trading to $89.22, leaving the stock down roughly 22% year-to-date
- Robinhood's total net revenue rose 12% year over year to a record $1.42 billion while net income fell 14% to $476 million
- Crypto trading volumes also ramped up from last quarter, rising 23% to $49.8 billion, $20.6 billion coming from the Robinhood app itself and $29.2 billion on Bitstamp, the exchange it acquired last
Summary
In its third-quarter earnings, Robinhood Chain brought in $26 million in its first quarter on mainnet after launching on July 1. Excluding this, crypto transaction revenue fell 6% from the second quarter to $94 million, while total crypto revenue remained down 55% from a year earlier when crypto markets were nearing bull market highs. Crypto trading volumes also ramped up from last quarter, rising 23% to $49.8 billion, $20.6 billion coming from the Robinhood app itself and $29.2 billion on Bitstamp, the exchange it acquired last year. The company said Robinhood Chain, its layer 2 blockchain built on Arbitrum, processed more than $80 billion in DEX volume and made over $50 million in fees during the quarter.