Robinhood’s Shareholders: Are Crypto Wallets Coming and Do We Get Hoodies?


When Robinhood Markets studies quarterly monetary outcomes on Wednesday for the primary time since going public, its retail shareholders need to know when cryptocurrency wallets are coming and whether or not they are going to get branded hoodies, in accordance with Say Applied sciences.

Robinhood, which stated it reserved as much as 35 % of the shares in its July 29 market debut for its customers, introduced final week it was shopping for Say, a platform that crowdsources questions from retail buyers and permits them to work together with corporations they spend money on throughout occasions like earnings calls.

On Tuesday afternoon, the highest query on Say for Robinhood, with 1.6 thousand votes, was whether or not the brokerage was getting a cryptocurrency pockets, which might permit customers to withdraw and switch cryptocurrencies to and from different brokerages.

Cryptocurrency buying and selling has fueled a big a part of Robinhood’s current progress, with greater than 9.5 million clients buying and selling about $88 billion (roughly Rs. 6,53,720 crores) of cryptocurrency on the platform within the first quarter, in accordance with a current regulatory submitting. Crypto property have grown 23-fold between March 31, 2020 and the tip of this 12 months’s first quarter, the submitting stated.

The second query was on Robinhood’s plans to launch the app in different international locations, whereas the third requested if the corporate would permit customers to call beneficiaries or undertake options similar to a number of accounts and joint accounts.

Working an in depth fourth: “as preliminary investor, can we get a robinhood hat and hoody jacket?”

The corporate expects to report income of between $546 million (roughly Rs. 4,055 crores) and $574 million (roughly Rs. 4,260 crores) for the three months ended June 30, versus $244 million (roughly Rs. 1,810 crores) a 12 months earlier, in accordance with an up to date submitting.

The acquire was pushed largely by a rise in funded accounts, in addition to increased choices and cryptocurrency buying and selling ranges, offset by a lower in equities buying and selling, Robinhood stated.

© Thomson Reuters 2021


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