Crypto and stock trading platform Robinhood underscored lagging crypto revenue in Q3 this year, though the results will have little effect to decrease its ambition to serve the market, per the CEO. 

Specifically, the trading platform reportedly issued an official announcement of its third-quarter results, with the Robinhood executives directing to a 12% quarter-on-quarter plummet in month-to-month active users (MAU), as well as a 24% quarter-on-quarter decrease in notional volume as two of the main drivers behind a 12% fall in crypto revenue, reaching $51 million.

In a results filing, the firm reportedly connected the plummet with active users and trading volume as “customers continued to navigate the volatile market environment.”

Regardless of this development, the firm’s executives reportedly stated that it would carry on making investments for its resources into the crypto sphere, including releasing support for extra cryptocurrencies, a new global retail-centric wallet and NFT-associated functionalities on its platform.

Robinhood reportedly introduced the beta of its Polygon-headquartered Robinhood Web3 wallet to 10,000 clients on Sept. 27, with over one million on the waitlist. 

Robinhood further completed the integration of Circle’s USD Coin (USDC) stablecoin a day after.

During the conference call, the current Head of Robinhood, Vladimir Tenev, additionally claimed that the company is having plans down its pipeline to provide the Robinhood Wallet to its global retail base in the months to come.

Upon the questions regarding Robinhood’s plans to roll out nonfungible tokens (NFTs), Tenev shared a high likelihood of integrating a functionality to view and custody NFTs in the near future. 

Nonetheless, linking to NFT marketplaces does not seem to be on Tenev’s radar for the short term.