Crypto

Robinhood loses the boat to the Shiba Inu

October 27, 2021

12:38

Broker Robinhood has seen a drop in cryptocurrency transactions. He missed the Shiba Inu rally who is not present on his platform.

Times are tough for American running back Robinhood. The group’s shares fell below their initial public offering price of $ 38, to $ 36.10 before the Wall Street open. The company posted lower than expected revenue. It was affected by a decrease in transactions in cryptocurrencies such as dogecoin. The virtual currency represents 64% of its transaction volumes.

“In the third quarter, cryptocurrency transactions pulled out after all-time highs, resulting in fewer new accounts funded and lower revenue.”

Vlad Tenev

Robinhood CEO

“Looking back at the second quarter, we saw great interest in cryptocurrencies, especially dogecoin, leading to a large number of new customers joining the platform and posting revenue,” Robinhood CEO Vlad Tenev said at a call with analysts. “In the third quarter, cryptocurrency transactions pulled out after all-time highs, resulting in fewer new accounts funded and lower revenue.”

21.3

billions of dollars

The Shiba Inu has hit a record high and ranks just behind the dogecoin in terms of valuation.

Dogecoin hit a record high of $ 0.68 on May 7, but has since dropped to $ 0.24. The virtual currency has not recovered to its highs unlike bitcoin and ether recently, following the launch of bitcoin-linked ETFs on Wall Street. In contrast, the Shiba Inu, another cryptocurrency, has seen a meteoric rise in recent weeks, ranking 11th, just behind dogecoin, among virtual currencies in terms of value ($ 21.3 billion). Given its exponential progression, Robinhood clients have campaigned for the broker to add virtual currency among its offered products. A petition for this addition to Robinhood has so far gathered 326,000 people. If the runner could have anticipated this insanity by including the Shiba Inu on their platform, they could have benefited from it. But such anticipation is difficult.

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Strong competition

Bakkt has just partnered with Mastercard to offer a cryptocurrency credit card.

Robinhood also suffers, on the cryptocurrency front, significant competition. Its virtual currency revenue slowed from $ 233 million in the second quarter to just $ 51 million in the next three months as more players offer access to bitcoin, ether, … Payment company Venmo has just been added to the list of platforms that give access to it.

Faced with competition, platforms look for new products to attract users. Bakkt, a cryptocurrency trading platform, has just joined forces with payment giant Mastecard to offer a credit card in virtual currencies.

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