Robinhood’s total crypto trading revenue in the first quarter of 2021 came to almost $90 million. While the brokerage has seven coins available for trading, Robinhood reported that 34% of its transaction-based revenue came from Dogecoin in the first quarter of 2021. This compares to 4% in the last three months of 2020. Dogecoin has dominated the headlines this year after the coin’s price increased from $0.0047 on Jan. 1 to an all-time high of $0.7376 on May 8. That’s a jump of over 15,500%. What started as a joke coin, designed to make fun of the way people bought into cryptocurrencies they didn’t understand, has become a worldwide phenomenon. Regular tweets from Elon Musk, who has dubbed himself the Dogefather, have played a large part in the coin’s success. While critics worry that the coin doesn’t have any purpose, the active community of Doge fans believes the price could still go higher.
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1. Robinhood made almost $30 million in Q1 revenue from Dogecoin trading One email a day to could help you save thousands
Robinhood, which launched its cryptocurrency service in 2018, had $414.7 million in crypto assets under management in 2019. As you can see from the table below, that figure increased dramatically in just a year and is likely to go even higher by the end of 2021. Robinhood’s cryptocurrency assets under custody3. Robinhood still plans to launch wallet feature According to Robinhood, more than 9.5 million customers traded over $88 billion of cryptocurrency on its platform in the first quarter of 2021. This reflects the growth in cryptocurrency trading as well as the success of Robinhood’s crypto trading offer.
2. Robinhood’s crypto assets increased by over 750% from 2019 to 2020 Robinhood warned that if the market for Dogecoin deteriorates without being replaced by another coin, it could have an adverse effect on the company’s bottom line.
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- Robinhood claims that Dogecoin accounted for 34% of crypto commerce revenue in the first quarter
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