Robinhood recently filed an update with the Securities and Exchange Commission (SEC) showing a major increase in cryptocurrency trading volume in November. Specifically, Robinhood saw a 75% surge in crypto trading activity compared to the previous month of October.
This uptick comes after Robinhood experienced declines in crypto transaction revenue over the past two quarters, suggesting waning interest in digital asset trading on the platform. The filing indicates renewed engagement from users, reversing the downward trend.
While crypto income dropped 26% last quarter, Robinhood remains focused on expansion. CEO Vlad Tenev announced plans to launch in the European Union soon. Additionally, Robinhood intends to debut commission-free U.S. stock trading and other features tailored to U.K. customers in early 2024.
Tenev believes Robinhood can best satisfy the demand for accessing U.S. investments from British traders. Offerings like 24-hour trading align with Robinhood’s goal of making investing more convenient across time zones.
Overall, Robinhood’s latest crypto volumes show a major rebound in activity, even as the company pushes ahead with bringing its platform to new international markets. The filing signals that interest in trading digital currencies on Robinhood may be on the rise again among its core user base.
