Robinhood reported stronger-than-expected Q2 earnings.Stay updated on Pro Crypto Ecosystems news by locking ACS tokens with The Block.No wallet? No problem. You can set one up for free. We recommend Torus for first-time users.This week, several companies operating within the crypto space have reported — or are set to report — earnings, shedding light on how the current backdrop for digital assets might impact the bottom line.
Interest rate hikes were vital to the beat and the firm's first profitable quarter as a public company, boosting its net interest revenues to $234 million for the quarter. The tailwind of higher ratesAs for crypto, Robinhood’s transaction-based revenue derived from cryptocurrencies dropped 18% in the second quarter. Still, Robinhoodit's continuing to build in the industry, citing its plans to introduce a non-custodial wallet later this year, allowing customers to control their crypto.
The stock, which has soared by more than 180% since the beginning of the year, slid by more than 9.6% over the last five days.