RobinHood markets have witnessed more than twice in the fourth quarter of 2024. This has fueled an increase in the trading of encrypted currency due to the favorable American presidential elections.
The company has reported $ 1.01 billion in revenues, which exceeded the expectations of analysts amounting to 940.8 million dollars.
Robinhood double revenues in the fourth quarter 2024
The encryption trade played an important role, as revenues in this category increased by more than 700 % to 358 million dollars, according to the latest Robenol a report. Meanwhile, the assets under custody (AUC) grew by 88 % on an annual basis, reaching $ 193 billion, which were attributed to the continuation of clear deposits and high assessments in shares and encrypted currencies.
In a statement, Robinhood CEO Vlad Tinif said,
“We have got to the gas to develop products in 2024. We see a great opportunity for us and we are working to enable anyone, anywhere, to buy, sell, or keep any financial assets and make any financial transaction through Robinhood.”
It is worth noting that Robinhood expanded its encryption offers in the United States and the European Union, where virtual encryption volumes increased more than 400 % year on year to $ 71 billion in the fourth quarter of the year. During this period, the company added seven new encoding assets in the United States and presented ETHEREUM (ETH) in the European Union.
In addition, in June 2024, Robinhood announced plans to acquire a prominent Bitstamp in the exchange of encryption, pending organizational approvals. This deal is expected to be closed in the first half of 2025.
Last month, the company connected the index options to all users and started offering future trading in the application, enabling trades through indexes, energy, currency, minerals and encryption. Meanwhile, Robinhood Legend, the desktop designed for active merchants launched in October 2024, introduced nearly 30 new indicators and was expanded to include encryption trading.
Robinhood Tursle derivatives with CFTC
Despite the standard profits, Robinhood derivatives were forced to suspend sports events earlier this month after guidance from the CFTC Futures Trading Committee (CFTC), which requested the statute not allowed to reach customers to these contracts. This step has stopped the professional football championship market in Robinhood, which was presented to 1 % of users.
Robenol expressed his disappointment while communicating regularly with CFTC and the efforts made to defend the organization of balanced derivatives. The suspension comes amid an intense check by CFTC on similar contracts, including contracts written by Crypto.com and KALSHI.
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