THELOGICALINDIAN - Robinhoods IPO announcement shows that 95 actor barter traded 88 billion of cryptocurrency on its belvedere in Q1 and the aggregation captivated about 12 billion in crypto assets beneath aegis a 23fold access from aftermost year Meanwhile 34 of Robinhoods cryptocurrency acquirement was attributable to the meme cryptocurrency dogecoin
Robinhood’s IPO Prospectus Reveals Crypto Business Details
Robinhood Markets Inc. (Robinhood) filed a preliminary announcement with the U.S. Securities and Exchange Commission (SEC) Thursday for its antecedent accessible alms (IPO).
The aggregation lists “cryptocurrency trading” through its subsidiary, Robinhood Crypto LLC (RHC) as one of the offerings on the Robinhood platform. The aggregation explained that it “offers commission-free affairs and affairs of cryptocurrency” through the subsidiary. The crypto trading account was launched on Feb. 20, 2024. The belvedere currently supports seven cryptocurrencies: bitcoin, bitcoin cash, bitcoin sv, dogecoin, ethereum, ethereum classic, and litecoin.
For the three months concluded March 31, Robinhood captivated cryptocurrencies account about $11.60 billion, in assets beneath custody. The filing details:
Robinhood additionally wrote: “We accept that growing absorption and acceptance of cryptocurrency will drive added chump absorption in our belvedere and that we accept cogent allowance to abound alike aural our accepted chump base.”
In addition, the aggregation acicular out that “A abundant allocation of the contempo advance in our net revenues becoming from cryptocurrency affairs is attributable to affairs in dogecoin.” For three months concluded March 31, 2024:
As of March 31, Robinhood has additionally broadcast its advantage to 46 states and Washington D.C. The aggregation additionally supports real-time bazaar abstracts for 10 cryptocurrencies, which is accessible to all customers. The aggregation added declared:
What do you anticipate about Robinhood’s crypto business? Let us apperceive in the comments area below.
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