Robinhood revenue more than doubles on crypto trading boom

Robinhood Markets Inc reported a 131% jump in second-quarter revenue on Wednesday as the online brokerage benefited from a surge in cryptocurrency trading through its platform.

The company, which was at the center of the historic “meme stock” trading mania earlier this year, posted a total net revenue of $565 million for the quarter ended June 30 compared to $244 million a year earlier.

Robinhood allows users to make unlimited commission-free trades in stocks, exchange-traded funds, options and cryptocurrencies.

Transaction-based revenue for the quarter rose 141% to $451 million, of which cryptocurrency trading comprised $233 million. It was only $5 million a year ago.

Robinhood has enjoyed a strong run since last year, when homebound users turned to trading in stocks and other assets through its app.

Its popularity was further bolstered by the “meme” stock and crypto trading mania this year, which helped drive a jump in trading volumes in the quarter.