The decline in the bitcoin market has an impact on exchange results in addition to the cryptocurrency community. The third quarter report from Robinhood (NASDAQ:HOOD) was issued yesterday, and it reveals that business is far from flourishing.
Although the bitcoin industry suffered a 12% fall to $51 million, net sales was still $361 million.
The outcome would undoubtedly have been worse if management had not chosen to include USDC, Cardano, Uniswap, Stellar Lumens, and Avalanche in the program during the quarter.
As rivals like Coinbase (NASDAQ:COIN), Binance, and FTX continue to develop their services, the decline in cryptocurrency income is being caused by rising competition. The cryptowinter, which has decreased interest in trading cryptocurrencies, is another factor added to this. Thus, to achieve 12.2 million, there were 1.8 million fewer monthly active users.
The emphasis is on Web3 when it comes to growth potential. The business began exploring this market towards the end of September when a Web3 wallet built on Polygon was released in beta to a restricted set of users. Vlad Tenev, CEO and co-founder, said:
“We’ve met our customers’ top feature requests, including modern charts, cash account options, instant withdrawals, and our self-custodial web3 wallet. Next week we’ll be increasing the yield on uninvested cash for Gold members, making it one of the best in the business.”
In pre-market trading today, Robinhood stock is already up 2.35 percent after dropping 4.36 percent yesterday.
