Robinhood, the commission-free brokerage firm, reported a first-quarter earnings beat Wednesday afternoon. The company came under fire earlier this week after the company's cryptocurrency unit, Robinhood Crypto, was issued a Wells Notice from the U.S. Securities and Exchange Commission.
Robinhood rolled out its cryptocurrency wallet for Android users in March, about a year after Robinhood Wallet was launched to iOS users globally, The Block previously reported.Transaction-based revenues increased 59% year-over-year to $329 million, which Robinhood said was primarily driven by cryptocurrencies revenue of $126 million, up 232%, and options revenue of $154 million, up 16%.
Notably, crypto notional trading volumes increased 224% year-over-year to $36 billion, a markedly increased rate compared to the rise in equity notional trading volumes , though the latter was at a much larger sum of $225 billion.