Robinhood, the trading platform made infamous by the GameStop incident in January 2021, has doubled revenues in the second quarter of 2021.
Total net revenue for the three month period stood at $565m (£415m), a year on year increase of 131 per cent. Transaction volumes jumped by 141 per cent to $451 million, with the platform registering a “significant increase” in cryptocurrency trading.
Robinhood, which lets non-professional investors purchase options, shares and crypto through its flagship mobile app, saw cryptocurrency transactions volume jump from $5m in Q2 of 2020 to $233m in 2021.
Vlad Tenev, the company’s CEO and Co-Founder said “we’re encouraged by the number of people who are accessing the financial system for the first time through Robinhood.
“We’re happy to expand access through products like commission free crypto-trading, which saw strong growth this quarter among women investors in particular, and IPO access, which gives customers an opportunity to invest in companies at their IPO price,” Tenev added.
Over 60 per cent of Robinhood’s net funded accounts traded crypto during the second quarter.
The news comes as data published by Chainalysis revealed that global crypto adoption has risen by 881 per cent in the year ending June 2021, with adoption up 2330 per cent compared to the third quarter of 2019.
Robinhood’s share price is up 6.71 per cent in the past 24 hours and is up 31 per cent from its initial offering price of $38 set last month.