Robinhood's Crypto Trading Hits $14.4B in Q3

Robinhood reported $14.4 billion in crypto trading volume for Q3 2024, marking a 114% increase from Q3 2023, though 33% lower than Q2 2024. The company's recent earnings report highlights growth in users, assets under custody, and expanded Web3 activities, reinforcing its commitment to crypto and Web3 investment despite fluctuations in revenue.

In 2024, Robinhood has actively pursued crypto-related ventures, driving significant gains in Q1 before seeing a gradual decline. Still, the firm continues to explore new opportunities. In Q3, it expanded its presence in Europe, tapping into the stablecoin market and launching crypto transfer services. Robinhood also entered political prediction markets, showcasing a diversified Web3 approach amid regulatory challenges.

CEO Vlad Tenev expressed confidence in Robinhood's trajectory, underscoring recent milestones and future plans. "I'm very proud of our Q3 results and how well our product team is performing," Tenev said. He added that new features, including Robinhood Legend for desktop, index options, futures, and a profit/loss tool, are on the horizon, emphasizing strong momentum for the company.

The report showed steady progress across various metrics, such as reduced expenses, a growing user base, and increased assets. Robinhood's Q3 performance has positively impacted its stock, with executives optimistic about upcoming products and sustained Web3 investment.