On 27th, January 2022, Thursday, Robinhood Market, Inc. (NASDAQ: HOOD) has declared the financial outcomes for the 4th quarter of the year ended December 2021.
The company increased its generated revenue by 14%, roughly around $363 million, in comparison to the fourth quarter of 2020 which was $318 million. And for the year, total revenue increased by 89% to $1.82 billion, which is a pretty huge increase in comparison with the year 2020, which was only $959 million.
Robinhood said that the cryptocurrencies have increased to 304% to $48 million for the quarter of 2021, in comparison to the 4th quarter of 2020, which was only $12 million. And the yearly increase is $419 million which was only $27 million in the previous year of 2020.
As the conversation went, Robinhood also mentioned how they are going to set some aggressive goals for the year 2020 for their customers on this crypto platform. The company highly believes in the extensive potential in crypto growth and believes that they will be serving big opportunities to their global customers.
Recently they launched a beta program to their first 1000 customers, from a very long waiting list of customers, for a highly anticipated cryptocurrency wallet program. With this program, customers will have a limit of $2,999 per day with a total withdrawal limit of 10 transactions per day. For this, the customers will have to activate two-factor authentication for the sign-in process.
It was also mentioned that the beta program will be expanded to their 10,000 customers by the end of March this year.