Robinhood’s crypto boom collapses with rivals crowding into the market

The difference in Robinhood Markets Inc.’s crypto trading revenue between the second and third quarters is staggering. Crypto revenue totaled $233 million in the second quarter and $51 million in the third.

There are so many options for buying and selling crypto now -- even payment companies like Venmo are jumping in. The market for crypto wallets is saturated, yet growing. A wallet could make Robinhood a one-stop-shop for retail traders who want to dabble in stocks and cryptocurrencies.

Another angle to Robinhood’s crypto trading activity decline is the massive demand from retail traders for the company to list the Shiba Inu coin in its platform. It hasn’t. According to its last filing, 64% of crypto revenue came from Dogecoin.