Home Crypto Robinhood Files for US IPO, Says Crypto Transactions Accounts for 17% of...

Robinhood Files for US IPO, Says Crypto Transactions Accounts for 17% of Revenue

Zero-commission monetary buying and selling platform Robinhood has filed for an IPO within the US amidst a rising sect of brokerages exploring public listings. Robinhood, identified for charging zero commissions to its merchants, has room for cryptocurrencies, a rising asset class that accounted for 17% of the agency’s whole income.

While Coinbase was the primary pioneering trade that went public this 12 months, a number of crypto buying and selling platforms at the moment are additionally contemplating betting large on the try to go public. Robinhood is subsequent on the checklist of crypto backers to file an IPO, whereas the duo of Kraken and eToro are reportedly understanding a recreation plan on this regard.

Per the Robinhood push to commerce on the NASDAQ bourse, the platform’s public itemizing plans come amid a development within the demand for cryptocurrencies from retail and institutional buyers. As of the top of March, the corporate stated it has $11.6 billion value of property in crypto held on behalf of its prospects.

Robinhood markets cater to monetary property and different historically tradable commodities. However, crypto has discovered a strategy to climb up the ranks. The digital property supported by Robinhood, Shiba Inu-themed coin, Dogecoin (DOGE) account for the biggest proportion of whole crypto income. Dogecoin-based income got here in at 34% of all cryptocurrencies.

The agency believes {that a} decline within the demand for Dogecoin can affect its development considerably. “If demand for transactions in Dogecoin declines and isn’t changed by new demand for different cryptocurrencies on our platform, our enterprise, monetary situation, and outcomes of operations could possibly be adversely affected,” the agency stated in its submitting with the United States Securities and Exchange Commission (SEC).

Dogecoin’s recognition was fueled by Tesla’s Chief Executive Officer Elon Musk, who hides that the cryptocurrency is his greatest digital asset. Musk has even picked the cryptocurrency over Bitcoin and infrequently shares tweets concerning the coin, a transfer many imagine are promotional in nature.

Based on the coin’s recognition, its utility as a foreign money is starting to construct up. 

Image supply: Shutterstock

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