Robinhood has “set aggressive targets to start opening its crypto platform to customers internationally in 2022,” the popular trading platform revealed during its Q4 revenue call. “The company believes in the enormous potential of the crypto economy and sees a great opportunity to serve customers around the world.”
Robinhood’s Crypto Earnings, Expansion Plans
Robinhood Markets Inc. (NASDAQ: HOOD) published its results for the fourth quarter and for the whole year 2021 on Thursday.
The company’s total net revenue for the quarter increased 14% from the same period in 2020 to $ 363 million. For the year, total net income increased 89% to $ 1.82 billion from the previous year. The trading platform’s transaction-based revenue, which includes revenue from trading cryptocurrencies, was $ 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 to $ 27 million for the year ended December 31, 2020.
The company also reported that the “average revenue per user (ARPU) for the quarter decreased 39% to $ 64 on an annual basis, compared to $ 106 in the fourth quarter of 2020.” The ARPU for the year decreased by 5% to $ 103, compared to $ 109 for the previous year.
Regarding plans for the year 2022, the trading platform said:
Robinhood has set aggressive goals to begin opening its crypto platform to customers internationally in 2022. The company believes in the huge potential of the crypto economy and sees a great opportunity to serve 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 requested at Change.org that the trading platform list SHIB. However, the company said it was in no hurry to list additional currencies, stating: “We are a highly regulated company in a highly regulated industry, and we think it is important that we get a little more clarity from regulators.”
Last week, Robinhood began distributing its cryptocurrencies to customers. “By March, we will be expanding the program to 10,000 customers before rolling out to the rest of the Wenwallets waiting list,” the company said.
What do you think of Robinhood’s plan to expand internationally? Let us know in the comments section below.
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