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Robinhood’s Crypto Boom Collapses With Rivals Crowding Into the Market

GameStop Pares Rally To Double Digits As Retail Traders Pile In
Photographer: Tiffany Hagler-Geard/Bloomberg

The difference in Robinhood Markets Inc.’s crypto trading revenue between the second and third quarters is staggering. Crypto revenue totaled $233 million in the second quarter and $51 million in the third.

There are so many options for buying and selling crypto now -- even payment companies like Venmo are jumping in. The market for crypto wallets is saturated, yet growing. A wallet could make Robinhood a one-stop-shop for retail traders who want to dabble in stocks and cryptocurrencies.