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Robinhood’s crypto trading revenue dropped significantly in the third quarter, continuing a trend seen throughout 2023.

The investing app’s transaction-based revenues on cryptocurrencies declined to $23 million, Robinhood said in a Tuesday news release — a 55% fall from the prior quarter.

This decreased revenue was more pronounced in the crypto segment, as Robinhood’s transaction revenues for equities dropped by 13% quarter over quarter.    

The company’s crypto trading revenues had fallen roughly 1% to $38 million during the first three months of 2023. They then dropped to $31 million during the second quarter, before the latest decline reported Tuesday. 

Robinhood is not the only one to see a slowdown in crypto trading. 

Coinbase’s total transaction revenue in the third quarter was down 12% from the prior three-month period. The exchange noted in its shareholder letter last week that low volatility and the broader “macro backdrop” negatively impacted spot market trading volumes.

Robinhood launched crypto trading in February 2018, starting with bitcoin and ether. It does not charge commission fees on such trades. 

The company ended support for cardano (ADA), polygon (MATIC) and solana (SOL) in June after the Securities and Exchange Commission sued Binance and Coinbase, alleging that a number of crypto assets are unregistered securities.

Still, Robinhood appears committed to the crypto space. It noted in the Tuesday news release that it plans to debut crypto trading in the European Union in the coming weeks. 

The company began allowing users of its self-custody Web3 wallet in August to use the Bitcoin and Dogecoin networks to custody, send and receive crypto.


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