The developer of the popular trading app Robinhood has released its financial report for the second quarter of the year. According to CNBC, revenue related to crypto transfers rose to $233 million, which is 4,500% higher than during the second quarter of last year, when the figure stood at just $5 million.
More than 60% of Robinhood's clients traded cryptos during the last quarter.
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62% of crypto-related revenue came from the meme crypto Dogecoin trading. During the first quarter, the share of this cryptocurrency was only 34%. Robinhood noted:
"If demand for Dogecoin transactions declines and is not replaced by new demand for another cryptocurrency available for trading on our platform, our business, financial conditions and operating results could be adversely affected."
This is Robinhood's first report since the company went public on July 29. The app allows investors to buy and sell seven digital currencies, including Bitcoin, Dogecoin and Ether.