Robinhood Crypto Volume Jumps 61%, Event Contracts Soar

Robinhood's crypto trading volume surged by 61% in August to $17.5 billion, a significant rebound from the slow month of July. The figure is still down 38% from last August's total, which reached $28.1 billion.

The rise in crypto trading volume was driven by the growth of event contracts on the platform. These prediction market bets traded an astonishing 4.7 billion times in August, a 15-fold increase from last year and roughly 15 times the volume from a year earlier.

Event contracts have become a breakout business for Robinhood, with revenue surging more than tenfold year over year to $156 million in July. The growth of this segment has also led to concerns on Capitol Hill, where lawmakers have introduced bills targeting prediction markets.