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Fortune

Ben Weiss

Robinhood’s crypto business continues to decline during Crypto Winter as customers steer clear of trading

Robinhood Crypto Vlad Tenev Department

(Credit: David Paul Morris—Bloomberg/Getty Images)

Online brokerage Robinhood reported a sharp decline in crypto trading revenue over the last three months of 2022 compared with 2021 as its customers shied away from the platform’s crypto offerings amid the industry’s implosion.

Revenues from transactions tumbled 20%, the company said as part of its fourth-quarter earnings report on Tuesday. Fees collected fell to $39 million in the fourth quarter versus $48 million in the same quarter of the prior year.

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