Robinhood Crypto Trading Volumes Surge 95% In A Month To $3.7B In January

 Robinhood Crypto Trading Volumes Surge 95% In A Month To $3.7B In January

RobinhoodHOOD reported a 95% month-on-month increase in cryptocurrency trading volumes in January, with total volumes amounting to a whopping $3.7 billion.

What Happened:Notional Trading Volumes were the primary driver of transaction revenues in January and were significantly higher than in December. Equities reached $46 billion, an increase of 19%, while option contracts climbed 10%, reaching $82.9 million.

At the end of January, Monthly Active Users (MAU) onRobinhoodreached 12 million, 600,000 more than in December a 5% increase. Assets Under Custody (AUC) climbed to $74.7 billion, a 20% increase from the end of December.

See More:Top Indian Apps That Give Bitcoin, NFT Rewards

In the fourth quarter earnings call,Robinhood reported a decline in transaction-based revenue of 11%, down to $186 million.

Additionally, Options transaction revenue remained unchanged, whereas cryptocurrency and equity transaction-based revenues were down 24% and 32%, respectively.

The online brokeragealso allows retail investors to make recurring investments in cryptocurrencies like Bitcoin BTC/USD ,EthereumETH/USD and Dogecoin DOGE/USD on its platform.

Robinhoodsaid its board has also authorized the purchase of the 55 million shares previously bought byEmergent Fidelity Technologies, related to a stake in the company owned byFTX's disgraced co-founder and former CEO,Sam Bankman-Fried.

Read Next:Bitcoin Crosses $24K, Ethereum, Dogecoin Soar: Analyst Says Apex Crypto Resilience Impressive Amid Volatility, Regulatory Fears

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