Robinhood increases crypto trading volume by 75% in November

Investment firm Robinhood has released a report on some of its operating activity for November 2023. 

According to the document, the volume of cryptocurrency trading on the platform increased by 75% compared to October.

Financial turnover from transactions with shares and option contracts remained at the same level as in October 2023. Robinhood representatives also noted that over the past month customers made deposits amounting to $1.4 billion into the company’s accounts.

“In November 2023, customers contributed roughly $1.4 billion of net deposits to Robinhood. Additionally, November equity notional trading volumes and options contracts traded were roughly in line with October 2023 levels, and November crypto notional trading volumes were roughly 75% above October 2023 levels. 

Robinhood report

The firm plans to release a detailed operating report for the fourth quarter of 2023 in the coming weeks.

Robinhood previously reported a drop in cryptocurrency revenue. The company generated $31 million in digital asset profits in the second quarter of 2023, down 18% from the previous reporting period. As for the third quarter of this year, income from operations with crypto assets amounted to $23 million. Thus, since the beginning of 2023, this figure has decreased by 55%.

Meanwhile Robinhood is preparing to enter the European digital asset market. The broker will soon launch a crypto trading platform in the UK. Preparations for the opening of the new site began in the summer of 2023. Then representatives of Robinhood announced a search for personnel for the future project.