Robinhood Cash Surge: Sees $4 Billion Monthly Inflow From Users
15 February 2024 - 6:00AM
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Robinhood, a significant player in the United States financial
technology sector, has recorded major growth. The platform has seen
a notable rise in monthly user inflow. Robinhood Monthly Deposits
Surges To New Height A correspondent at CNBC, Kate Rooney, recently
shared the development with the crypto community on the X (formerly
Twitter) platform. The CNBC reporter said Robinhood recorded
increased profits in its most recent quarterly results. Rooney
pointed out that the platform is making some headway in its attempt
to overtake established “brokerage companies” for market dominance.
Additionally, Robinhood aims to expand beyond its “original base of
inexperienced and younger traders” in the crypto market. Related
Reading: Robinhood (HOOD) Extends Trading Services To The UK She
further highlighted that over $100 billion of the firm’s assets are
currently “under custody.” In addition, a “net positive transfer
from every major brokerage competitor” drove the Q4 deposits to
approximately $4.6 billion. Consequently, this suggests its
increasing popularity among investors looking to include digital
assets in their portfolios for diversification. It also indicates
the growing confidence and inclination toward the trading firm
among crypto investors. The CNBC correspondent asserted that
the numbers above consist of an “average customer transfer balance”
of $100,000. As per Rooney’s X post, Robinhood saw a substantial
rise in monthly deposits valued at $4 billion in January. So far,
the recent uptick signifies the online trading platform’s strongest
month since early 2021. During the same quarter last year, the
trading platform lost $166 million, or $0.19 per share. However,
this year, it made a profit of $30 million, or $0.3 per share.
As was revealed, Robinhood’s income rose due to increased net
interest and transaction-based and other revenue streams. Over the
three months, its net interest income grew by 4% to $236 million.
Taking Over The Active Trader Market Vlad Tenev, Robinhood’s Chief
Executive Officer (CEO), has revealed Robinhood’s intentions to
take over the active trader market. Tenev recently disclosed this
objective during a quarterly earnings call. Related Reading:
Altcoins Market Share Versus Bitcoin At A 4 Month High: What’s The
Trigger? He stated that the firm’s user base and revenue have grown
“nearly seven times” in the past four years. “looking at what is in
front of us, we are excited by the opportunity to continue growing
significantly from here,” he added. Robinhood has gained market
share and attracted net asset inflows from its major rivals.
According to Tenev, the company will continuously invest in its
“user experience on mobile” to achieve its goal. Currently, the
crypto enterprise stands out as the dominant player in market
share. Tenev has confirmed the addition of futures and index
options to the platform in the coming months of this year. Featured
image from Shutterstock, chart from Tradingview.com
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