The meme-inspired cryptocurrency Dogecoin (DOGE) has been at the forefront of cryptocurrency trading activity for Robinhood since it was in the spotlight earlier this year.
The American financial services company pointed out in its earnings report that its cryptocurrency sales increased significantly in the second quarter of 2021 compared to the second quarter of last year. The company said its digital asset numbers grew from $5 million in the second quarter of 2020 to about $233 million in the second quarter of 2021.
DOGE Remains the Biggest Gem for Robinhood
Robinhood pointed out that cryptocurrencies accounted for more than half of its revenue in the second quarter of 2021, with up to 62% coming from DOGE transactions.
Recall that the company stated in its IPO prospectus in early July that Dogecoin accounted for around 34% of crypto revenue in the first quarter of 2021.
Now, DOGE’s stake nearly doubled in the second quarter, considering the asset continued to attract public attention after receiving multiple support from billionaires like Elon Musk and Mark Cuban over the past few months.
Growing Crypto Interest
By the second quarter of 2021, approximately 52% of all transaction-based revenue on the platform came from crypto transactions, and more than 60% of the accumulated net capital account were traded in virtual assets.
Robinhood pointed out that a large number of new users on its platform are making their first transactions in cryptocurrencies rather than stocks, showing that people are increasingly interested in such assets compared to traditional financial instruments.
Robinhood’s CEO and co-founder, Vlad Tenev, announced in a statement that the company’s crypto products attracted great interest from female investors in the second quarter.
“We’re encouraged by the number of people who are accessing the financial system for the first time through Robinhood… We’re happy to expand access through products like commission-free crypto trading, which saw strong growth this quarter among women investors in particular, and IPO Access, which gives customers an opportunity to invest in companies at their IPO price.”Tenev said.