Robinhood says Dogecoin shrank to 40% of crypto revenue
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[NEW YORK] Robinhood Markets said Dogecoin, a virtual token that started out as a joke, comprised 40 per cent of its cryptocurrency transaction revenue in the third quarter.
That is a decline from 62 per cent in the preceding 3-month period, according to a filing Friday (Oct 29) from the Menlo Park, California-based brokerage.
Robinhood had US$51 million of crypto transaction revenue in the third quarter, the company said earlier this week when it reported financial results for the period. That is down from US$233 million in the second quarter.
Dogecoin surged in the second quarter, with the token reaching a record in May. The cryptocurrency made up almost one-third of Robinhood's total revenue in that period. In the third quarter, it accounted for just 8 per cent.
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