Robinhood's crypto trade volume rose by 95 % in January

Robinhood's crypto trade volume rose by 95 % in January

The cryptocurrency trading volume of Robinhood last month reached 3.7 billion US dollars, which corresponds to an increase of 95 % compared to December 2022.

In contrast to the good start of the year, the Bärenmarkt 2022 demanded its toll from the company's crypto income. It also released almost a third of his entire workforce.

Start with the right foot

The cryptocurrency market celebrated an impressive comeback in the first month of 2023, with most assets significantly increasing their assessment compared to the end of 2022. Bitcoin, for example, rose from around $ 16,500 (on New Year's Eve) to almost $ 23,000 30 days later (a 40 %tip).

The improved market conditions seem to have benefited the Robinshood investment platform based in California. His crypto trade volume in January Data Preserver-Spaces = "True"> 3.7 billion US dollars, 95 % more than $ 1.9 billion in December. Nevertheless, the number is far below the $ 9.1 billion recorded in January 2022.

The daily average sales transactions (darts) with digital currencies rose from 200,000 (December 2022) to 300,000 (January 2023). In the first month of the previous year it was 400,000.

The company's shares rose by about 6 % after the announcement and are currently traded at around $ 10.60.

The problems of last year

The turbulent year 2022 has shrunk considerably and declined the cryptocurrency income from Robinhood and declined the trading activities as a whole. The net turnover decreased by 43 % in the first quarter of last year, while Kryptoandel was operated almost 40 %. q3 (12 % decline in the crypto-related income) and q4 (24 % decline) were also disappointing.

In addition, the New York State Department of Financial Services (NYDFS) beat Robinhood of $ 30 million because of allegations of having violated money laundering and cyber security procedures.

The platform also added its name to the countless list of crypto-related organizations, which have dismissed part of their workforce due to unfavorable macroeconomic conditions and the market crash. It fired 9 % of his employees in April and released 23 % later.

CEO Vlad Tenev called the increasing inflation in the USA the main reason for the layoffs. He assured that every departing employee would receive regular salaries and services (including the transfer of shares). The company also promised to provide support in the search for other employment opportunities, cash compensation and premiums for dental and visual insurance.

The most affected were employees from the areas of operations, marketing and program management.

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