Robinhood says Dogecoin grew sales massively in the second quarter, accounting for 62 percent of crypto sales

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Dogecoin accounted for nearly 62 percent of the commission-free cryptocurrency trading app Robinhood’s revenue of $ 233 million in the second quarter. In its earnings report to the US authorities, Robinhood, which went public last month, highlighted a significant increase in its crypto revenue in the second quarter of 2021 compared to the same period last year – of $ 5 million (approximately $ 37.2 billion Rupees) to $ 233 million. Dogecoin has gained widespread attention after tech tycoon Elon Musk endorsed it on social media and billionaire Mark Cuban endorsed it as well.

In July, when the company went public, the IPO prospectus said Dogecoin accounted for nearly 34 percent of cryptocurrency sales in the first quarter, up from 4 percent in the fourth quarter of last fiscal year. And now the Dogecoin share has almost doubled in the second quarter. The surge coincided with a spate of tweets from Musk against Bitcoin, the world’s oldest crypto, and in support of Dogecoin.

Do you want Tesla to accept Doge?

– Elon Musk (@elonmusk) May 11, 2021

Robinhood told the US Securities and Exchange Commission that cryptocurrency accounted for about 52 percent of all transaction-based revenue on the platform. It also said that a growing number of its new users preferred to make their first trades in cryptocurrency rather than stocks.

“The number of people first accessing the financial system through Robinhood is encouraging,” said Vlad Tenev, Co-Founder and CEO of Robinhood.

Although Robinhood, which enables investors to buy and sell leading digital currencies like Bitcoin, Dogecoin, and Ethereum, enabled a growing number of new investors to trade commission-free stocks, it benefited hugely from the rise in cryptocurrencies. Robinhood’s business model is based on passing orders to market makers and taking a percentage of the order value.

Cryptocurrencies have had an immensely volatile run since May when the market collapsed. Although it has recovered and the top coins are back at a satisfactory level, it is not yet certain whether the market has stabilized. 24.48.

Interested in cryptocurrency? We discuss everything about crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music, and anywhere you get your podcasts.

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