On April 28, the discount brokerage platform Robinhood released its first-quarter financial results for 2022. Over the same period, the company’s net income fell 43% to $ 299 million. In particular, cryptocurrency revenue fell 39% year-on-year to $ 54 million. This is partly due to the decline in interest in fruit stocks as well as the ongoing cryptocurrency market taking over most of the first three months of this year.

However, despite sales declines, the company’s cumulative capital account increased 27% year-on-year to 22.8 million. At the same time, total assets seized increased by 15% to $ 93.1 billion. Robinhoud has taken a number of important steps to strengthen the crypto industry. First, the company released an encrypted wallet to about two million customers in early April, and will be fully marketed this week.

Then, at the request of customers, Robinhood came up with four new coins. COMP, MATIC, SOL, and SHIB. Finally, Robinhood plans to integrate Bitcoin (BTC) Payment Agreement No. 2 with Lightning Network to trade faster with lower fees. As Robinhood puts it:

“Once fully integrated, we hope that this service will help Robinhood accelerate its bitcoin exchange service globally.
This month, Robinhod signed an agreement to buy Ziglu, an electronic financial institution and encryption company in the United States, as part of a roadmap. Robinho plans to use Ziglu’s team of financial services and crypto experts to help the company expand to the UK and Europe.

Source: CoinTelegraph