Robinhood Crypto COO to Depart as Trading Slowdown Weighs on Results
Summary
- Robinhood’s crypto unit Chief Operating Officer Tanya Denisova is leaving the company.
- Robinhood said first-quarter crypto unit revenue fell 47%% from a year earlier to $134 million.
- Robinhood is seeking to reduce its reliance on crypto market volatility while diversifying its revenue base and expanding stock-trading, deposit and payments services.
Forecast Trend Report by Period
Tanya Denisova, chief operating officer of Robinhood’s crypto unit, is leaving the company, amid signs that a recent slowdown in digital-asset trading has weighed on performance.
CoinDesk reported on May 22 that Denisova will depart Robinhood after about five years. She has been responsible for operations and service expansion in the company’s crypto business.
Robinhood said first-quarter revenue from its crypto unit fell 47% from a year earlier to $134 million, missing market expectations.
The move comes as Robinhood reshapes its business structure, according to foreign media reports. The company is trying to reduce its reliance on volatility in the crypto market while diversifying its revenue base.
A recent drop in crypto trading volumes and softer participation from retail investors has also hurt earnings across the US online brokerage industry, the reports said.
Robinhood has been expanding its stock-trading, deposit and payments offerings as part of a broader push to diversify its business portfolio.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
