Robinhood Markets Inc, the commission-free brokerage platform with strong support for Shiba Inu has reported an impressive Q1 performance.
Shiba Inu, Crypto Volume Boosts Robinhood
Robinhood said it increased the crypto notional volumes for the quarter by 224% Year-Over-Year (YoY). In actual figures, this came in at $36 million. Notably, Bitcoin, Ethereum, and Shiba Inu come in as a few of the digital currencies that helped the company power such a growth feat.
Robinhood has an attractive business model that has largely earned it the trust of young traders. The introduction of Robinhood Crypto and the listing on top assets also complemented its revolutionary stance. Since it started trading crypto, Robinhood has recorded more boom in general, subject to market conditions.
Per the Q1 report, the firm posted transaction-based revenue that soared by 59% YoY to $329 million. Of this, the Shiba Inu backer noted that crypto revenue jumped 232% to $126. Options trading revenue accounted for an even larger cut coming in at $154 million amid a 16% growth.
In all, the firm said its Assets Under Custody (AUC) came in at $129.6 billion amid a 65% growth. The company said this AUC came as a result of boosted crypto valuation and higher equity. The rebirth in the crypto market in the first quarter, triggered by the launch of spot Bitcoin ETF served as a boost for Robinhood.
For the company, its embrace of Shiba Inu and other supported assets marks one of its major highlights for the quarter.
Robinhood Unfazed by US SEC’s Wells Notice
The Q1 report from Robinhood came at a time when its crypto division received a Wells Notice from the US SEC. In the notice, the markets regulator said Robinhood supports some assets that are categorized as securities under the law.
While this Wells Notice is not new in the crypto industry and may come with a lawsuit, the firm appears ready to fight. It has denied that its supported assets form securities and assured its users including the Shiba Inu community that their funds remains safe.
