On April 28, discount-brokerage platform Robinhood (NASDAQ:) PubliziertIts financial results for 2022’s first quarter. By 43%, net revenues for the company declined to $299m. Particularly, the revenue generated by cryptocurrency trading dropped 39% to $54million during that same time period. The decline in interest in memes stocks and the ongoing crypto bear market, which dominated the first three months this year, was partially responsible.

Although sales decreased, net cumulative funded accounts increased by 27% over the year to 22.8M. The company’s total assets under custody rose 15% to $93.1 million. Robinhood has taken several steps to increase its crypto business. In April, Robinhood distributed cryptocurrency wallets to approximately two million of its customers on waitlist. The full roll-out took place this week.