The start of the pandemic had triggered an avalanche of new users in the digital payment sphere. Several exchanges and trading platforms benefited from this spike as the new users used its services to their fullest potential. Robinhood was one of the companies enjoying a slice of the bull run with half-yearly earnings bettering all of the 2020s by a factor of more than 45.
In Robinhood’s second-quarter financial reports, the firm stated that the year-to-date earnings from cryptocurrencies were a whopping $233 million. The spike becomes apparent when compared to 2020’s earnings which were just $5 million. Officials from the company embraced the new wave of users and encouraged more to participate.
One surprising fact from the report was that 60 percent of the revenue came from Dogecoin trades. The meme coins massive spike in May had resulted in hundreds of thousands of new users. Elon Musk’s added jumpstart to Dogecoin’s spike further fuelled another influx of users. Since Dogecoin’s last run, the cryptocurrency witnessed price stagnations interspersed a few bullish spikes.
At press time, Dogecoin was trading for $0.29 with a total market cap of $38.97 billion. A 9 percent increase in the weekly timeframe had elevated the trading volume to $38.98 billion, placing it in the 7th position on the cryptocurrency charts. DOGE’s performance only made Robinhood’s cryptocurrency asset grow multifold.
The company’s total revenue was tagged at %565 million for the second quarter of 2021. This was a whopping 131 percent increase compared to the same time frame from last year.