Robinhood Announces Global Expansion of its Crypto Trading Services in 2022
Nasdaq-traded online trading platform, Robinhood (HOOD) released its fourth quarter and 2021 year results on Tuesday. Revealing impressive growth numbers, the company shared its goals for 2022, where it is set for international expansion, believing “in the immense potential of the crypto economy and sees a big opportunity in serving customers across the globe.”
The company’s total net revenues for the quarter increased 14% from the same period in 2020 to $363 million.
For the year 2021, Robinhood’s total net revenues increased with 89% to $1.82 billion year-on-year. Its transaction-based revenues, which include cryptocurrency trading, were $1.40 billion in 2021.
In Q4 of 2022, the trading firm saw its total net revenues increase 14% from the same period in 2020 to $363 million and its transaction-based revenues totaled $264 million.
Robinhood detailed:
“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 with $27 million for the year ended December 31, 2020.”
On its strategy for 2022, the trading platform stated:
“Robinhood has set aggressive goals to start opening its crypto platform up to customers internationally in 2022. The company believes in the immense potential of the crypto economy and sees a big opportunity in serving customers across the globe.”
Last week, Robinhood started the roll out of its long anticipated crypto wallets to a select group of 1000 customers. The test will then be expanded to 10,000 customers by March and then rolled out to the rest of its WenWallet waitlist, which is over one million customers long.
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Source: igaming
