Robinhood Crypto Volume Surges 61% in August, Still Trails Last Year

Robinhood's cryptocurrency trading volume saw significant growth in August, but still lags behind last year's numbers. According to its latest operating report, the online brokerage's crypto volume rose 61% month-over-month to $17.5 billion. However, it remains 38% below the year-earlier level.

The majority of this volume came from Bitstamp, which accounted for $10.1 billion of the total. The Robinhood app contributed $7.4 billion to the crypto trading activity. Notably, while Bitstamp's volume rose 53% from July, it still fell 30% year-on-year.

This data also highlights the performance of the Robinhood Chain, which was not included in the figures. Nevertheless, the growth in event contracts, options, and equities helped offset the decline in crypto transaction revenue, allowing the brokerage to post record quarterly revenue and earnings.