Stock market application Robinhood, which is very popular in the United States, has announced its balance sheet report. The company, which has also been serving crypto money investors in recent years, has experienced a loss in the trade income it has gained through the sector.
Robinhood shared detailed data on how much contribution it received from which market in its second quarter report. Revenue in the crypto market, which accounts for 16% of the US-based company in trading, fell from 38 million to 31 million dollars. The leading exchange’s only revenue loss wasn’t limited to crypto. The company also suffered a loss in the range of 5-7% in stock and option income. The fact that the decrease in crypto was more created a question mark in the minds.
Why Robinhood Crypto Revenue Dropped
Despite the improving conditions in the crypto market, it was a matter of curiosity why the Robinhood exchange lost revenue. Most of the experts pointed to the bankruptcies and regulatory pressures in 2022 as the cause of this problem.
In 2022, which was a nightmare, the Terra (LUNA) project and the bankruptcy of the FTX exchange caused a great loss of confidence in investors. This year, we face sanctions as a negative factor for the sector.
The lawsuits filed by the SEC against Coinbase and Binance exchanges in the past months have caused the cryptocurrency exchange to delist some altcoins. SEC; Robinhood exchange has removed these altcoins from the exchange because it identifies projects such as Cardano, Solana, and Polygon as securities.
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