Robinhood Q2 crypto business revenue reached $160 million, slightly lower than expected

BlockBeats News: On July 31st, according to Bloomberg, Robinhood Markets Inc. announced second quarter revenue that exceeded Wall Street's expectations, thanks to strong growth in its cryptocurrency trading business. The company stated in a statement on Wednesday that its quarterly total net revenue increased by 45% year-on-year, reaching $989 million, higher than the average analyst expectation of $921.5 million surveyed by Bloomberg. The net profit also exceeded expectations, more than doubling to $386 million. Cryptocurrency related revenue increased by 98% to $160 million, slightly below the target of achieving triple digit growth for the sixth consecutive quarter. Analysts previously expected cryptocurrency revenue to be $162.1 million. In June of this year, Robinhood quickly drew regulatory attention in Europe after offering "tokenized" stocks - company shares in the form of cryptocurrency - to 150000 customers in 30 countries. Robinhood CEO Vlad Tenev stated in a statement, "tokenization is the most significant innovation in our industry over the past decade