Robinhood (HOOD) just switched on crypto trading for its UK customers. Traders there can now buy and sell more than 50 coins, including Bitcoin (BTCUSD), Ethereum (ETHUSD), and XRP, through the Robinhood app, with no trading fees. This launch seems to be Robinhood's attempt at fixing its only weak segment during the last quarter.
The company, best known for its crypto business, reported $100 million in cryptocurrency revenue, down 38% from a year earlier. What's interesting is what that decline did to Robinhood overall, which was almost nothing. Even with crypto revenue falling by more than a third, Robinhood had one of its best quarters ever.
Total revenue rose 32% to a record $1.3 billion. Its event contracts revenue increased more than tenfold to $156 million, passing the firm's crypto revenue for the first time. Its Gold subscription hit a record 4.8 million members.
The new Gold Card crossed 1 million holders. Trump Accounts, a new product, also drew 7 million sign-ups. A $20 Billion Reason Why Intel Stock Is in Focus Dear Intel Stock Fans, Mark Your Calendars for August 12 Ahead of Nebius Earnings, Here's What Barchart Data Says Comes Next for NBIS Stock Get exclusive insights with the FREE Barchart Brief newsletter.
Subscribe now for quick, incisive midday market analysis you won't find anywhere else. While the UK launch may seem like just an attempt to revive Robinhood's crypto business, it is also part of a much wider plan. Management wants to build what it calls a global financial ecosystem, offering stocks, options, futures, crypto, banking, and more in a single app around the world.
Robinhood already serves over 1 million customers outside the U.S. after expanding into Canada and Singapore. So the company Wall Street still calls a crypto play just took a hard crypto hit and grew anyway. That, more than the UK launch itself, is worth paying attention to.
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