Robinhood has “set aggressive targets to begin opening its crypto platform to clients internationally starting in 2022,” the popular trading platform announced during its fourth-quarter earnings conference call. “The company believes in the immense potential of the crypto economy and sees a great opportunity in serving customers around the world.”
Robinhood’s crypto earnings, expansion plans
Robinhood Markets Inc. (NASDAQ: HOOD) released its fourth-quarter and full-year 2021 results on Thursday.
The company’s total net income for the quarter increased 14% over the same period in 2020 to $363 million. For the year, total net income increased 89% year over year to $1.82 billion. The trading platform’s transaction-based revenue, which includes revenue from cryptocurrency trading, totaled $264 million in the fourth quarter and $1.40 billion in 2021.
Robin hood in detail:
Cryptocurrencies for the quarter are up 304% to $48 million compared to $12 million for the fourth quarter of 2020 and for the year to $419 million compared to $27 million for the year ended March 31, 2020 December 2020 year ending.
The company also reported that “average revenue per user (ARPU) for the quarter fell 39% year-over-year to $64 compared to $106 in Q4 2020.” ARPU for the year decreased 5% to $103 compared to $109 a year ago.
Regarding the plans for 2022, the trading platform said:
Robinhood has set ambitious goals to open its crypto platform to customers internationally starting in 2022. The company believes in the immense potential of the crypto economy and sees a great opportunity in serving customers around the world.
Robinhood currently supports 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 applied to Change.org for the trading platform to list SHIB. However, the company said it was in no rush to list more coins, stating, “We are a highly regulated company in a highly regulated industry and we think it’s important that we get a little more clarity from regulators.”
Last week, Robinhood began rolling out its crypto wallets to customers. “By March, we will expand the program to 10,000 customers before expanding 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.
As an Austrian economics student, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the interface between economics and cryptography.
Photo credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer, or a solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service, or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.