Robinhood’s shareholders: are crypto wallets coming and do we get hoodies?

NEW YORK, Aug 17 (Reuters) – When Robinhood Markets Inc (HOOD.O) stories quarterly monetary outcomes on Wednesday for the primary time since going public, its retail shareholders wish to know when cryptocurrency wallets are coming and whether or not they are going to get branded hoodies, in line with Say Applied sciences.

Robinhood, which mentioned it reserved as much as 35% of the shares in its July 29 market debut for its customers, introduced final week it was shopping for Say, a platform that crowdsources questions from retail buyers and permits them to work together with corporations they put money into throughout occasions like earnings calls.

On Tuesday afternoon, the top question on Say for Robinhood, with 1.6 thousand votes, was whether or not the brokerage was getting a crypto pockets, which might permit customers to withdraw and switch cryptocurrencies to and from different brokerages.

Cryptocurrency buying and selling has fueled a big a part of Robinhood’s latest progress, with greater than 9.5 million clients buying and selling about $88 billion of cryptocurrency on the platform within the first quarter, in line with a latest regulatory submitting. Crypto property have grown 23-fold between March 31, 2020 and the tip of this yr’s first quarter, the submitting mentioned.

The second query was on Robinhood’s plans to launch the app in different nations, whereas the third requested if the corporate would permit customers to call beneficiaries or undertake options comparable to a number of accounts and joint accounts.

Operating a detailed fourth: “as preliminary investor, can we get a robinhood hat and hoody jacket?”

The corporate expects to report income of between $546 million and $574 million for the three months ended June 30, versus $244 million a yr earlier, in line with an up to date submitting.

The achieve was pushed largely by a rise in funded accounts, in addition to larger choices and cryptocurrency buying and selling ranges, offset by a lower in equities buying and selling, Robinhood mentioned.

Reporting by John McCrank; Enhancing by Ira Iosebashvili and Steve Orlofsky

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