Friday, May 24, 2024

Dogecoin Makes Up 62% of Robinhood’s Crypto Revenue

Continuing its transformation into a serious cryptocurrency, Dogecoin now accounts for 62% of Robinhood’s crypto revenue.

Robinhood issued its first quarterly report since going public, and the report shows the increased importance of crypto trading to the firm. According to CNBC, 52% of Robinhood’s transaction-based revenue came from crypto, reaching some $233 million. In comparison, crypto only accounted for $5 million in the year-ago quarter.

The report also shows the increased importance of Dogecoin. Two months ago, Dogecoin made up 34% of the company’s crypto revenue. The company’s quarterly report, however, revealed that Dogecoin now makes up 62%.

Given that Dogecoin began as a meme and a joke, Robinhood’s report is another indication of just how important the crypto has become.

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