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Robinhood makes significant strides in crypto business in Q1 despite falling revenue -Breaking

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Robinhood’s progress in the crypto industry in Q1 is remarkable despite declining revenue

On April 28, discount-brokerage platform Robinhood (NASDAQ:) PublishedThe firm’s financial results in the first quarter 2022. The firm’s revenue fell 43% year-over-year to $299 millions. Particularly, the revenue generated by cryptocurrency trading dropped 39% to $54million during that same time period. It was due in part to decreased interest in memes stocks, as well as a continuing cryptocurrency bear market which dominated most of the first 3 months of 2018.

Although sales decreased, net cumulative funded accounts increased by 27% over the year to 22.8million. The company’s total assets under custody increased by 15% to $93.1 million. Robinhood made several significant steps to improve its cryptocurrency business. The firm first distributed crypto wallets to its approximately 2 million customers who were waiting in line for them, and a complete rollout was completed last week.