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Popular trading application Robinhood announced on Tuesday, November 7, that the company is now seeking an expansion to Europe in the coming weeks. Additionally, the firm is also looking to set up its brokerage operations in the United Kingdom.
Robinhood’s Crypto Volumes Slide
On Tuesday, November 7, the commission-free trading app announced its third-quarter results announcing a revenue miss. Robinhood said that the lower crypto volumes on the platform were responsible for dragging down its transaction-based revenue.
The company posted net revenue of $467 million, falling short of the average analyst projection of $478.9 million. However, this figure represented a 29% increase compared to the same period the previous year. Transaction-based revenues declined by 11% year-on-year to $185 million, primarily attributed to decreased crypto notional volumes, which saw a 55% drop over the year, as announced by Robinhood in a statement on Tuesday.
In the after-market hours on Tuesday, the Robinhood stock (NASDAQ: HOOD) price came crashing down by a staggering 8%.
Expanding in the Crypto Landscape
Despite the slowdown in its crypto trading volumes, Robinhood is looking to expand in the crypto landscape going ahead. Last month, Robinhood said that the company plans to expand its services offering to the state of Nevada. Additionally, it also announced support for memecoin Shiba Inu (SHIB).
Robinhood offers users the ability to trade various cryptocurrencies, including Bitcoin, Ethereum, Dogecoin, and Shiba Inu tokens, as stated on its website. Primarily catering to small traders, the company saw a surge in crypto investment interest during the pandemic.
However, this enthusiasm has been diminishing due to a series of prominent issues. In June, Robinhood announced its decision to eliminate three tokens—Solana, Cardano, and Polygon—from its crypto trading platform, following a well-publicized regulatory crackdown on some of the cryptocurrency industry’s largest exchanges.
This was during the time when the US SEC was going after altcoins calling them security tokens. Being an regulated exchange, Robinhood aims to avoid any conflict with the federal securities regulator.
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