FinTech Giant’s Profits Soar on Crypto Trading Surge
FN Media Group Presents StreetSignals.com Market Commentary
NEW YORK, May 15, 2024 /PRNewswire/ — Robinhood (NASDAQ:HOOD) reported a significant earnings beat for the first quarter, driven by a surge in crypto trading volumes and increased net interest revenue due to rate hikes. The positive momentum in the crypto sector was further bolstered by the US approval of the first spot bitcoin ETFs in January, revitalizing industry sentiment after several high-profile setbacks in recent years. Other FinTech companies making substantial inroads in the crypto and financial services sector include Mogo Inc. (NASDAQ:MOGO) (TSX:MOGO), one of Canada’s largest FinTech companies with an investment portfolio of substantial crypto-related ventures, Dave Inc (NYSE:DAVE), SoFi Technologies (NASDAQ:SOFI) and Block Inc. (NYSE:SQ).