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Robinhood’s revenue from cryptocurrency transactions fell 18% to $31 million, according to a quarterly report released on Aug. 2. It also reported having $11.5 million in crypto asset investments, the same amount as at the end of the quarter.
The company also saw a decline in new transaction-based funding, with options falling 5% to $127 million and equities falling 7% to $25 million.
Over the past year, company revenue fell by 4%, from $202 million in June 2022 to $193 million in June 2023.
Despite the revenue decline, Robinhood earned $25 million or 3 cents per share on revenue of $486 million. This exceeded the expectations of most analysts covering the company, expecting a loss of 1 cent per share on revenue of $473 million.
Earnings before interest, tax, depreciation, and amortization (EBITDA) rose 31% sequentially to $151 million, with profit up five basis points, to 31%. EBITDA is a common metric used that looks at a company’s performance relative to others in the same industry.
GAAP refers to generally accepted accounting principles, which are standardized accounting guidelines that companies use to prepare their financial statements.
Robinhood said it remains committed to growth in the industry and plans to introduce a non-custodial wallet later this year, allowing customers more control over their cryptocurrencies.
#ContentStar# #BountyCreator# #GateioBountyCreator# #NewsMessenger# #GateLive# #contentstar# #MyFancyCreator# #HotTopicDiscussion# Worldcoin is exploring a decentralized and incentivized approach to manufacturing its iris-scanning orbs, similar to Bitcoin mining, its co-founder, Alex Blania, has revealed.
While the move could be a means of earning WLD, the native token of the Worldcoin platform, there are doubts. For instance, experts caution about the potential risks, particularly the threat of counterfeit devices compromising biometric data security.
ven so, Worldcoin’s larger strategy is to move towards total decentralization in the upcoming year. Despite initial challenges, the organization is ready to produce an unlimited quantity of these devices.
It has partnered with Florida’s Jabil to increase orb production in March.
Independent auditing of the hardware and software of the orbs is crucial to building trust among the public, according to Steven Walbroehl, chief security officer and co-founder of Halborn. There are also concerns about the orb’s ability to control biometric data.
Adi Ben-Ari, the founder of Applied Blockchain, pointed out that users are asked if they agree to share their iris scans with Worldcoin for analytical purposes and future upgrades.
This suggests that users must trust the manufacturers because the data may leave the device.
Worldcoin responded by clarifying that all images captured by the orb during verification are immediately deleted.
If users agree to entrust their biometric data, it is processed on the orb, transmitted through encrypted channels to secure data stores, and then permanently erased.
Presently, combining blockchain technology with biometric data presents hidden challenges in decentralizing orb production, safeguarding user data, and maintaining public trust as Worldcoin gains momentum.
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