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We all know how crazy the Dogecoin rally was in the last quarter and it made news all over the world when they crashed the servers of Robinhood with sheet amounts of Volume. So I was expecting Robinhood revenues to be quite high but even I am a little shocked to see that as high as 65% of their Crypto Revenue came from Dogecoin alone. If that number was not shocking enough then what about the fact that Robinhood made over 200 Million Dollars from Cryptocurrency Trading Fees. That is a serious chunk of cash and I feel like a bunch of other normal exchanges will look into this Avenue of Crypto so that they can garner the same revenue as Robinhood did for Q2 2021.
Strangely enough, even though Robinhood got so much revenue out of Crypto Trading they still reported a loss of around 400 Million Dollars for their Q2 data. They have said that the loss is due to several reasons like accounting adjustments pertaining to the fluctuating warrants and notes held by the company and I know that there are a lot of underlying costs in running a company this huge so this might not be that big of a deal. But still, the point to be focused on is the fact that Robinhood made over 200 Million in Crypto Revenue in just a single Quarter and I am definitely looking forward to other companies that may wanna dive into Crypto as well.
