Stock and crypto trading platform Robinhood published its Q1 2023 results May 10th.
The company said cryptocurrency transaction revenue fell sequentially 1% to $38 million, while total transaction revenue increased 11%.
Robinhood additionally said it increased its assets under custody sequentially by 26% to $78 billion. It said this was largely driven by higher market values ​​for cryptocurrency and growth stocks, as well as ongoing net deposits.
The company also said it continues to grow its crypto business. Robinhood noted that its crypto wallet app is now available to all iOS users. To date, the app has been downloaded more than 100,000 times by users in 130 countries.
The company also highlighted the new Robinhood Connect service, which allows users to access the Robinhood service from third-party crypto wallets.
Robinhood expressed concern about the growth in its full SEC filing. It warned that sales will decline if it fails to attract and retain customers. It specifically cited cryptocurrency resistance and dissatisfaction with the low number of supported cryptocurrencies as concerns.
The company also said in that filing that it has $11.4 billion in assets related to the user crypto protection obligation and $11.4 billion in liabilities in the same regard.
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