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Robinhood released its first-quarter earnings figures for 2022 and the results was a disappointment, as so much is with this company.

Compared to the Q1 of 2021 which was $522 Million, Robinhood’s results are down 43% to $299 Million for 2022. As far as Transaction-based revenues goes, there was a decrease of 48% bringing the total down to $218 million compared to the $420 million in 2021.

Cryptocurrency trading revenue dropped by 39% to $54 million during the third quarter. This was mostly due to unhealthy interest in meme stocks and continued cryptocurrency industry downturns throughout the first months of the year, says Robinhood. CryptoLists.com expects that Robinhood don’t offer a compelling product, which is the main reason for the downturn.

A system wide dip in sales had a slightly negative impact on net cumulative funded account balances, which dropped by 27 to 22.8 million. At the same time, the total amount of assets under custody went up a hefty 15 percent to $93 billion. Considering their were major effects on the macroeconomic environment , the slight increase in AUC is primarily due to user base growth and more can be expected in the months to come.

Latest major changes

The company took a major step towards encouraging the development of its crypto market. On April 4, it deployed crypto wallets to all of its two million customers waiting to receive cryptocurrencies. Without any hiccups they managed to complete the roll-out this week.

Robinhood said that with the intro of their cash card and the new cryptocurrency wallets along with marketing new coins on their site, that they’re making a massive headway in terms of their in internal operations strategies. They went on to say that they have a range of new services and products set for release and which are sure to please their users – Vlad Tenev, Co-Founder and CEO of Robinhood Markets.

The company also introduced Stock Lending to a select few of its customers. Their users will now be able to earn more revenue on the stocks that they already have, allowing them to put their investments to work for them thus adding a new source of passive income to their existing portfolios.

They really have been doing well to ensure the best service by extending their operational hours for the more advanced customers. This is a step closer to having a 24/7 trading operation and shows their commitment to listening to their advanced user’s request.

Additionally, Robinhood added four new coins to its platform as per customer’s requests, which increased the number of supported cryptocurrencies to 45. Still, that is way less than almost all other exchanges on Crypto Lists. Which such a low amount of assets, they are not qualified as an exchange up to Crypto Lists standards. Why not try a better alternative instead, with lower costs? Give Kucoin a try today!

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These are the new coins added below:

Compound (COMP): An Ethereum-based token that allows the community to govern the Compound protocol. This comprises of an array of decentralized interest rate markets, allowing users to issue and borrow ETH at different interest rates.

Polygon (MATIC): MATIC is currently in the top 20 most popular cryptocurrencies by market capitalization, with over a $10 billion market cap. It is currently trading around $1.40 per token.

Solana (SOL): Solana is both a cryptocurrency and a flexible platform for running crypto apps. Solana can process around 50,000 transactions per second — compared to 15 or less for Ethereum

Shiba Inu (SHIB): The meme coin dropped by over 60% as opposed to its highest peak in October 2021. This happened after SHIB had an upswing in price in the first part of last year. Apart from this, Wallet Investor’s pros speculate that the coin gives bullish signals for 2022 and may just reach its past ATH.

Robinhood to use Lightning Network

Robinhood is also considering moving to a Layer-2 Bitcoin payment protocol to speed up transactions and lower fees.

This Lightning Network payment protocol will give them an edge as it makes Bitcoin payments faster and cheaper. It does this by creating a network of “channels” between people who want to pay each other. These channels allow people to make many small payments without having to broadcast them to the entire Bitcoin network.

Robinhood said that the moment its completely integrated, they foresee the service to help accelerate the ability to serve Bitcoin remittances on a global scale — at virtually no cost — and will be important for international expansion.

Ziglu’s Acquisition update

Just last month in April 2022, Robinhood went ahead with an agreement to acquire Ziglu, a UK headquartered e-money crypto company, as part of its strategy. Robinhood intends to leverage Ziglu’s staff of financial services and crypto pros to aid the company grow across the UK and European regions.

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