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Crypto trading platform, Robinhood has reported $51 million in crypto revenue in the third quarter, a 12% decrease from $58 million in the second quarter.
Robinhood said in August that it was laying off 23% of its workforce, or 780 individuals, in order to cut expenses amid a continuous fall in monthly active users (MAU). Earlier this year, Robinhood had already made around 9% of its employees redundant after disappointing growth numbers.
Vlad Tenev, CEO and Co-Founder of Robinhood commented:
“We delivered on top feature requests for customers including advanced charts, options in cash accounts, instant withdrawals and our self-custody, web3 wallet. In the next week, we are raising the yield on uninvested cash for Gold members – making it one of the best rates in the industry.”
Robinhood’s monthly active users (MAUs) declined to 12.1 million in the third quarter, down from 14 million in the second quarter and 15.9 million in the first, as “clients continued to navigate the turbulent market environment,” according to the business. MAUs for the firm peaked at 21.3 million in the second quarter of 2021.
During the company’s earnings call, Chief Executive Officer Vlad Tenev highlighted that its recently released self-custodial Web3 wallet has received excellent feedback and that the product would be rolled out globally.
Robinhood distributed a test version of its Polygon-based Web3 wallet to 10,000 customers in September. The wallet’s customers will be able to trade over 20 cryptocurrencies without fees, as well as connect to decentralized apps and receive return on assets, according to the business.
Furthermore, Tenev stated that in the third quarter, Robinhood added new currencies for consumers to trade, including USDC, its first stablecoin.