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Robinhood Might Add Crypto to Its Balance Sheet

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Wed, 09/22/2021 - 19:20
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Alex Dovbnya
Robinhood might be the next company to add cryptocurrencies to add its balance sheet
Robinhood Might Add Crypto to Its Balance Sheet
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Robinhood Crypto COO Christine Brown recently told Yahoo! Finance that the Menlo Park-based financial services company might add crypto to its balance sheet, following the lead of rival Coinbase.   

Brown also said that Robinhood was looking into adding more cryptocurrencies:

Now, if you have more than the seven coins that we currently offer, we won’t be able to fulfill that today. So, we are looking at extending our offering including even more coins so we can be the one-stop-shop for crypto customers.

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As reported by U.Today, Robinhood announced that it would gradually start rolling out support for cryptocurrency wallets in October. Its shares are currently up 6% on the news.

Crypto has become a vital part of Robinhood's business, accounting for the majority of its transaction-based revenue in the second quarter. Dogecoin alone was responsible for 26 percent of the company’s entire Q2 revenue.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.