CandleFocus Robinhood's User Base Soars Past 24M as Deposits Hit $5.2B Mark
2024-11-12
Author: Content Editor
Trading platform Robinhood experienced significant growth in October, with increases in trading volumes and customer assets. Equity trading volumes rose by 48% to $126.4 billion, cryptocurrency trading surged by 51% to $5.6 billion, and options contract trading increased by 16% to 158 million contracts. Compared to October 2023, these numbers saw even more significant growth. Robinhood's revenue increased by 36% in Q3, reaching $637 million. The company's assets under custody grew by 5% to $159.7 billion, and it attracted 90,000 new funded customers, bringing its total customer base to 24.4 million. Robinhood's recent stock surge is attributed to Bitcoin's rise and its partnership with major cryptocurrency firms to launch the Global Dollar Network, which aims to challenge the stablecoin market dominated by Tether and USD Coin.
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