Robinhood Q3 earnings report reveals plans to launch crypto services in EU

cyptouser7 months agoCryptocurrencies News102

Robinhood has revealed plans to launch cryptocurrency trading in the European Union soon after receiving regulatory approval.

The company detailed its growth roadmap in its third quarter 2023 earnings report on Nov. 7. The EU crypto rollout is intended to come after the firm launches brokerage services in the UK, which it says it expects in the coming weeks. ”

Robinhood’s push into Europe comes despite a recent dip in crypto revenue amid bearish market conditions. Cryptocurrency transaction revenue fell 55% year-over-year to $23 million in Q3 2023, down from $51 million in Q3 2022.

Crypto activity now makes up just 12% of Robinhood’s total transaction revenue. However, the company remains focused on offering crypto products internationally to expand its customer base.

Robinhood CEO Vlad Tenev said:

“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.”

While crypto slowed, Robinhood saw substantial growth in other areas. Net interest revenue jumped 96% year-over-year to $251 million due to higher interest rates and rising interest-earning assets. Overall revenue increased 29% from Q3 2022.

Robinhood also reported 360,000 new funded accounts in Q3 2023, bringing total funded accounts to 23.3 million. However, monthly active users declined 16% to 10.3 million.

The platform aims to boost engagement by enhancing existing products like Gold subscriptions, extended hours trading, and retirement accounts. New product offerings in the pipeline include launching futures trading.

As Robinhood expands abroad, it faces the challenge of navigating diverse regulatory environments. However, the company remains confident that its mobile-first approach can attract new crypto traders internationally despite market volatility.

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