Robinhood has a zero-commission financial trading venue submitted for IPOs, a growing number of brokerage firms in the U.S. are researching public listings. Robinhood, known for charging zero commissions to its merchants, has room cryptocurrencies, a growing asset class that accounted for 17% of the company ‘s total revenue.
Although Coinbase was the first groundbreaking exchange meni this year, several cryptocurrencies are now also considering large betting companies to try to become public. Robinhood is next on the list of cryptocurrencies that will make the IPO, while the Kraken and eToro duo reportedly draw up a Game Plan in this regard.
Robinhood-traded on the NASDAQ, the platform’s public listing plans have focused on growing demand for cryptocurrencies from retail and institutional investors. As of the end of March, the company announced that it has $ 11.6 billion worth of assets hidden on behalf of its customers.
The Robinhood market serves financial assets and other traditionally traded commodities. However, encryption has found a way to rise to the ranks. The digital assets supported by Robinhood, Shiba Inu-themed coins, Dogecoin (DOGE), account for the largest percentage of cryptographic revenue. Dogecoin-based revenues accounted for 34% of all cryptocurrencies.
The company believes that the decline in demand for Dogecoin could have a significant impact on its growth. “If demand for Dogecoin’s business declines and is not replaced by new demand for other cryptographic currencies on our platform, our business, financial condition and results of operations could be adversely affected,” the company told U.S. Securities and Exchange Commission (SEC).
Dogecoin’s popularity was boosted by Tesla’s CEO Elon Musk, who hides that cryptocurrency is his best digital asset. Musk has even chosen encryption Bitcoin and often shares Tweets coin, considered by many to be promotional in nature.
Based on the coin’s popularity, its utility the currency is starting to grow.
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