Commission-free crypto brokerage firm Robinhood Markets Inc has reported its third quarter performance report with its crypto unit shining strong. After a very promising quarter in a competitive market, the firm said it grew its overall Year-to-Date (YTD) Net Deposits to $34 billion.
Robinhood and the Crypto Boom
According to the firm’s Earnings Release, the third quarter marked its second best for revenues on record. The firm said it bagged a 36% year-over-year revenue growth to $637 million with its crypto unit playing a significant role.
As the firm noted, its crypto revenue shot up by 165% to $61 million over the quarter. This performance is not unexpected for Robinhood as it completed the acquisition of Bitstamp earlier, thus boosting its overall volume.
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The post Breaking: Robinhood Reports 165% Crypto Revenue Growth In Q3 appeared first on CoinGape.
