Robinhood’s crypto trading volume falls 68%

The Robinhood platform reported a decline in crypto-asset trading volume. The May figure was 68% lower than the corresponding period in 2022 ($2.1 billion and $6.6 billion, respectively).

Crypto-asset turnover in the last month fell 43% compared with April. The figure declined despite growth in stock trading volumes (+27%) and in options (+29%).

The number of active users on the platform over the year fell from 14.6 million to 10.6 million. The April figure was 11.5 million.

Total assets under custody at Robinhood rose to $81.8 billion. In April it stood at $77.4 billion, and in May last year at $73.9 billion.

Earlier ForkLog reported that in the first quarter of 2023 Robinhood’s revenue from cryptocurrency operations slumped by 30%.

From June 27, the platform will discontinue support for the cryptocurrencies Cardano, Polygon and Solana.