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Home BREAKING NEWS

Robinhood Set to Debut EU-based Crypto Services Amid $23M Revenue Decline

BlockNews.com Team by BlockNews.com Team
November 8, 2023
in BREAKING NEWS, BUSINESS, CRYPTO
Reading Time: 3 mins read
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  • Robinhood announced plans to expand into the EU and UK despite disappointing Q3 earnings driven by a 55% decline in crypto trading revenue to $23 million.
  • The disappointing Q3 results sent Robinhood’s share price down nearly 10% after hours on Tuesday, though total revenue was up 29% to $467 million.
  • Robinhood remains focused on expanding products, gaining market share, and launching crypto trading in the EU after establishing UK brokerage operations as part of its global expansion plans.

Robinhood, the popular crypto-friendly trading app, has announced plans to expand its services into the European Union and establish a UK brokerage. This move comes on the heels of disappointing third-quarter results for the fintech firm, driven largely by a 55% decline in crypto trading revenue.

🚨 NEWS: Robinhood reports dramatic 55% drop in crypto trading revenue.

This equates to $23 Million in revenue decline.

Many believe this is due to delisting Solana and Polygon 👀 pic.twitter.com/GabamYNV9Z

— BlockNews.com (@blocknewsdotcom) November 7, 2023

Robinhood’s Falling Crypto Revenue

In its Q3 earnings statement, Robinhood reported an 11% year-over-year decline in transaction-based revenue to $185 million, due to the massive 55% drop in crypto revenue to just $23 million. This resulted from the ongoing slump in crypto trading volumes each quarter.

While Robinhood saw a 29% jump in total net revenue to $467 million, it fell short of analyst estimates. This news sent Robinhood’s share price tumbling nearly 10% in after-hours trading on Tuesday.

European Expansion Plans

Despite the disappointing quarter, Robinhood appears undeterred in its global expansion plans.

“With an experienced team in place, we will soon launch brokerage operations in the UK,” the company stated. “As another step in global expansion, we are also planning to launch crypto trading in the EU following our UK launch.”

Currently, Robinhood only supports crypto trading in the US, with assets including Bitcoin, Ethereum, Chainlink, Dogecoin, and USDC. It remains to be seen which assets will be supported in its European crypto brokerage services.

Robinhood’s Path Forward

“It’s been nearly 10 years since we founded Robinhood, and we’re just getting started,” said CEO Vlad Tenev. “Looking ahead, we remain focused on providing industry-leading products that serve far more of customers’ financial needs, gaining market share, expanding internationally, and continuing to change the industry for the better.”

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: BusinesscryptoCrypto ExchangeCrypto RegulationRobinhood
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BlockNews.com Team

BlockNews.com Team

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