Wall Street’s “Compliance Hunt”: The Great Migration of Stablecoin Reserves | Bee Network
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In the early morning of April 29, Beijing time, Robinhood released its first quarter financial results after the US stock market close. Robinhood’s first-quarter cryptocurrency-related revenue was $134 million, with in-app notional trading volume reaching $24 billion, down 47% and 48% year-over-year respectively. Despite the decline in crypto trading data, Robinhood made up the shortfall in other areas. The company’s overall first-quarter transaction revenue increased 7% year-over-year to $623 million, primarily driven by a 320% surge in event contract revenue. Additionally, revenue from options and stocks was $260 million and $82 million respectively, up 8% and 46%. Overall, Robinhood’s first-quarter revenue was $1.07 billion, a 15% increase year-over-year; net profit was $346 million, up 3% year-over-year. While not spectacular, the overall single-digit growth was somewhat satisfactory, especially given the crypto…# Analysis# crypto# defi# ethereum# Exchange# Market# Token# ToolPre
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- In the past week, several Wall Street institutions have almost simultaneously moved to expand their tokenized money market fund offerings. On May 12, JPMorgan announced it would launch its second t...