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International Business Times

Business

Marvie Basilan

Embattled Robinhood Reports Staggering 224% Spike In Q1 Crypto Notional Trading Volume

Robinhood Crypto SEC Wells Cryptocurrency Robinhood Crypto Bitcoin fintech

Robinhood's YouTube tutorial on how to buy crypto through the Robinhood app. (Credit: Robinhood YouTube Channel/Screenshot)

KEY POINTS

Robinhood said crypto valuations helped drive its AUC growth in Q1
The company added that its transaction-based revenue growth was 'primarily driven' by crypto revenue
Robinhood Crypto received a Wells Notice from the SEC earlier this week

Financial services giant Robinhood on Wednesday reported its first quarter 2024 earnings, highlighting how its cryptocurrency arm, Robinhood Crypto, propelled growth during the first three months of the year and accounted for nearly 40% of the company's total transaction-based revenue of $329 million.

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