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Robinhood Investment App Takes Advantage of Vibrant Cryptocurrency Trading |  Economie

Robinhood Investment App Takes Advantage of Vibrant Cryptocurrency Trading | Economie

Total income from cryptocurrency trading was $233 million (€199 million). This accounted for more than half of total transaction-based revenue, which totaled $451 million (€385 million) in the second quarter. In the same period a year ago, Robinhood earned about $5 million (€4.3 million) from crypto transactions.

This was the first time that the company as a listed company had made it possible to access the results. A loss of 502 million dollars (429 million euros) was recorded. This was within the estimate previously issued by the company. Robinhood’s loss is mainly due to the write-down of the bonds it owns.

Robinhood was the app of choice for retail investors who invested heavily in play store GameStop, movie theater chain AMC and other stocks that appeared to plummet in value early this year. One motive has been the frustration of sellers selling shorts, who speculate about lower prices. At one point, it caused GameStop value to increase by 1,000 percent in one week.

Robinhood’s investment app is currently only available to customers in the United States.

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