Due to a drop in trade volume and price of Dogecoin, Robinhood’s cryptocurrency revenue has dropped dramatically.
Fee-free trading platform that is widely used In the third quarter of 2021, Robinhood's crypto revenue dropped by 78 percent compared to the previous quarter's figures. In the third quarter, Robinhood made $51 million (approximately Rs. 382 crores), compared to $233 million (about Rs. 1,745 crores) the previous quarter. The exchange ascribed the sharp drop to a drop in the price of Dogecoin, the meme-based cryptocurrency whose meteoric rise in popularity earlier this year boosted user sign-ups.