Robinhood to launch crypto services in EU “in the coming months”

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Although third-quarter revenue fell short of expectations, US fintech broker Robinhood is still preparing to launch a European cryptocurrency product.

Robinhood plans to launch crypto services in the European region and U.K. brokerage “in the coming weeks,” as the Menlo Park-based stock trading firm looks for new options to grow its revenue.

in a Press release Robinhood revealed in its third-quarter 2023 financial results that cryptocurrency-related revenue fell 55% to $23 million. However, the US-based trading firm still hopes to double down on Europe with its crypto offerings as “another step in its global expansion.”

However, Robinhood did not specify what scale of crypto offerings it plans to offer in the EU.

Cryptocurrencies weren’t the only direction Robinhood suffered losses. The company said total transaction-based revenue fell 11% year over year to $185 million. However, Robinhood’s assets under custody grew 34% year over year to $87 billion, the release said, a result of “continued net deposits and higher equity valuations.”

Robinhood Chief Financial Officer Jason Warnick acknowledged on a call with analysts that the company’s fourth-quarter 2023 revenue could be even lower “if current securities lending and discretionary credit balances persist.” the third quater. Affected by this news, HOOD’s stock price fell more than 9% in after-hours trading.

In the summer of 2023, Robinhood laid off 150 employees, accounting for 7% of its full-time employees at the time.

According to crypto.news, the latest round of layoffs affects employees’ customer trust and security, customer experience and platform shared services, as well as security and productivity. At the time, Warwick said in an internal company message that the layoffs were being made to “accommodate volume and better align the team structure.”


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