Popular meme-coin Dogecoin has contributed largely to the first-quarter revenue of Robinhood. The trading firm estimates the revenue generated from Dogecoin to be at 34 percent so far. The revenue from the digital asset is quite a significant figure as crypto contributed only 17 percent to its annual income.
Robinhood disclosed in its initial coin filing to the United States Securities and Exchange Commission (SEC). According to the trading app, cryptocurrency transactions, which is one of the services it offers, generated 17 percent income for the company, and Dogecoin accounted for six percent of that income.
The cryptocurrency is popular for its entanglement with Elon Musk, Tesla’s CEO. DOGE had pumped up to an all-time high of over $0.73 in May before the market capitulated. Musk was responsible for many of its May high swings and appears to be back again to his office as the “Doge Father“.
However, despite Musk’s pull-up, the coin hasn’t taken a positive flight yet. Doge remains within the $0.24 mark, largely affected by the state of the current market trend.
Robinhood’s 2021 Crypto Wins
The stock trading platform ventured into the crypto industry in 2018 and so has seen meteoric success. It recorded a great influx of users, as well as over six million accounts, which were opened on the platform between January and February alone.
Robinhood offers only seven cryptocurrencies including Bitcoin, Ethereum, Dogecoin, and Litecoin. Users can purchase crypto from the platform while it routes the orders to varying exchanges to make gains off the orders.
With the recent success the app has recorded with Dogecoin, it has revealed that its market could be scared if the value of Dogecoin deteriorates. DOGE has a lot of controversy around it and Robinhood is quick to spot that and has classified it as a high-risk asset as a warning to investors.