62% of Robinhood’s second quarter cryptocurrency revenue came from Dogecoin business

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Approximately 41% of Robinhood’s quarterly revenue comes from crypto commerce.

Robinhood, a popular retail commerce application, has exposed its soaring quality encrypted commerce on the platform, which currently accounts for 41% of its revenue.

According to its second-quarter financial report, the August 18 financial report showed that the company generated US$233 million from encrypted commerce services this quarter, which is higher than the US$5 million for the entire year of 2020. More than 60% of Robinhood fund accounts have listed digital assets in the second quarter of 2021 throughout the process.

As the beginning of 2021 witnessed a speculative dog token business frenzy, 62% of Robinhood’s cryptocurrency revenue came from Dogecoin transactions.

This financial statement is the first financial statement released by Robinhood since it became a listed company. Robinhood co-founder and corporate executive Vlad Teev said:

“We were inspired by the number of people assessing the economic system through Robinhood for the first time.”

Revenue for the entire quarter was US$565 million, an increase of 131% from the US$244 million in the second quarter of 2020. Monthly active users doubled year-on-year, from 10.2 million to 21.3 million, while the fund account has expanded by 130% compared to the same amount.

The value of assets under Robinhood has tripled year-on-year to reach $102 billion.

Despite the surge in crypto revenue, Robinhood reported an overall loss of $464 million in the second quarter. However, the loss was attributed to accounting changes related to unstable warrants and bills controlled by the company.