The past week has not been favorable for the majority of cryptocurrency assets, with only four specific digital currencies recording gains. This week, ONDO appreciated by 13.2%, TON increased by 11.3%, PENDLE grew by 6%, and LEO saw a slight uptick of 0.5%. Market Update: A Tough Week for Crypto With Few Standouts The landscape […]
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Oil prices edged lower early Thursday.
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Despite bitcoin reaching another all-time peak on Monday, publicly traded mining stocks commenced the day with percentage declines. Stock linked to companies such as Marathon, Cleanspark, Riot, and various others have diminished in value compared to the U.S. dollar, even as bitcoin celebrates fresh price milestones. Mining Stocks Tumble on Nasdaq Nasdaq-listed bitcoin (BTC) miners […]
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Robinhood released its second-quarter results, achieving profitability for the first time since becoming a public company, despite a drop in revenue in the second quarter of 2023.
According to its quarterly report released on Aug. 2, Robinhood’s revenue from cryptocurrency transactions shrank by 18% to $31 million. Other transaction-based revenues dropped as well, including options, which decreased 5% to $127 million, and equities, which declined 7% to $25 million. Over the past year, its revenue has decreased by 4% from $202 million in June last year to $193 million.
In spite of the decline in revenue, the company recorded a net income of $25 million, or earnings per share (EPS) of $0.03, compared with a net loss of $511 million, or EPS of -$0.57, in the first quarter of the year. The result is attributable to improvements in total operating expenses over the past few months, with a midpoint decrease of $45 million.
Earnings before interest, taxes, depreciation and amortization (EBITDA) increased 31% sequentially to $151 million, with its margin gaining five points to 31%. EBITDA is often used by analysts, investors and financial professionals to compare the operational performance of companies in the same industry.
The total assets under custody increased 13% to $89 billion last quarter, driven by “higher equity valuations and continued net deposits.” Taking the first half of 2023 into account, Robinhood slightly increased its crypto assets under custody from $8.431 billion in December 2022 to $11.503 billion in June 2023.
“In Q2, we reached a significant milestone by achieving GAAP profitability for the first time as a public company,” said Vlad Tenev, CEO and co-founder of Robinhood Markets.“ Generally accepted accounting principles (GAAP) refers to the standard accounting principles and guidelines that companies use to prepare their financial statements.
Robinhood’s net deposit was $4.1 billion in the quarter, which translates to an annualized growth rate of 21% relative to assets under custody in the first quarter of 2023. Over the past 12 months, net deposits were $16.1 billion, indicating a growth rate of 25% over a year.
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UK data regulator, the Information Commissioner Office (ICO), has laid out intentions to probe the newly launched crypto project Worldcoin.
According to a report by Reuters on July 25, the ICO has taken notice of WorldCoin’s launch in the UK and will now proceed to “making further inquiries.”
Launched on Monday, Worldcoin is an Ethereum-based project founded by the CEO of OpenAI, Sam Altman. On the protocol’s official website, it states that Worldcoin aims to be “the world’s largest identity and financial public network.”
To achieve its aim, the network utilizes a digital identification system known as “World ID,” designed to differentiate humans from artificial intelligence online.
Interested Worldcoin users are required to undergo a physical iris scan process at one of the project’s “Orb” locations before being granted a WorldID, prompting much concern over the user’s privacy.
Currently, there are three Worldcoin Orb locations in the UK, all of which are based in London. Globally, the crypto project has already managed to establish 125 orbs locations in 20 countries across 5 continents.
Following the launch of Worldcoin on Monday, its native token, WLD, had an impressive debut in the market, rising by 88% and hitting a peak price of $3.31. However, the WLD token has since then recorded an overall negative price movement.
Based on data from CoinMarketCap, WLD is currently down by 16.76% in the last 24 hours, trading as low as $1.92 within this period.
According to Worldcoin’s whitepaper, WLD is primarily designed as a utility token for network governance. However, the token also serves as a payment medium for specific services in the World App or other crypto wallets.
Related Reading: Countdown To FOMC: What Bitcoin And Crypto Traders Must Brace For
At the time of writing, WLD is exchanging hands at $2.13, with a 0.57% gain in the last hour. The token’s 24-hour trading volume is also up by 34.56% and is valued at $403.35 million. With a market cap of $231.09 million, WLD ranks as the 124th largest cryptocurrency in the market.
WLD Trading At $2.2432 On The Hourly Chart | Source: WLDUSDT Chart On Tradingview.com
Featured Image From Worldcoin, Chart From Tradingview
