Some 34% of the trading app’s cryptocurrency income in the first quarter. Which it was a record for Dogecoin trading. Robinhood, the famous trading app for stock, options, gold and cryptocurrencies, made a public offer that could be worth up to $100 million. Based on a Securities and Exchange Commission (SEC) document presented on Thursday.
And also with the company’s financials, the SEC document indicates that the reach of Robinhood as a popular goal for crypto trading.
“For the three months ended March 31, 2021, 17% of our total revenue originated from transaction-based revenues. Which can be earn from cryptocurrency transactions, compared to 4% for the three months year ended December 31, 2020,”. That was what the company said.
A big piece of that increase was from Dogecoin (-3.73%). 34% of the firm’s crypto transaction income in the first quarter. This meme coin that increased in popularity and also in this year.
“If demand for transactions in Dogecoin declines. And also it is not replaced by new demand for other cryptocurrencies available for trading on our platform, our business, financial condition and results of operations could be adversely affected,” Robinhood told to the public. This app has seven cryptocurrencies available for trading for now.
What is Robinhood
It is good to know that, some regulators criticized Robinhood. Pulse, these regulators mentioned that the app cheers and support the game-like nature of trading. Exclusively between inexperienced retail traders.
On Wednesday, this company got fined nearly $70 million by the Financial Industry Regulatory Authority (FINRA). Who said that Robinhood supplied false or misleading information to users. And in addition they failed to report many user’s complaints about its services.
The underwriters for the IPO contain Goldman Sachs, JPMorgan and Citigroup as co workers.
Robinhood’s IPO is different from Coinbase. This crypto exchange that decided to issue shares by a direct public offering. Which removes intervenors and only sells shares that formerly exist. Coinbase’s assessment according to its first-day trading price of April 14. It was something near $99 billion using a totally watery share count of 261.3 million.