Crypto trading on Robinhood sees 75% boom in November

Cryptocurrencies

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Robinhood, a crypto-friendly trading platform, noted a 75% surge in digital asset trading in November, according to a filing to the Securities and Exchange Commission.

Despite this, equity trading volumes and options contracts traded were approximately consistent with figures from October.

Robinhood's strong performance in November followed a 55% drop in cryptocurrency notional volumes over the year, and revenues lower than anticipated for Q3, amounting to $467m.

With a recent rally in the crypto market resulting in a 40% total capitalisation increase to $1.6 trillion over two months, Robinhood's CEO Vlad Tenev suggested the platform could eventually achieve “nine figures” in annual revenue.