Svmuu News: Robinhood’s prediction market platform is growing rapidly, and its Chief Brokerage Officer, Steven Quirk, said the company’s annual revenue run rate has reached $500 million. During the second quarter, which ended on June 25, Robinhood processed approximately 12.3 billion active contracts. Based on a standard fee of 1 cent per contract, the company’s prediction market revenue for the quarter is estimated to have reached at least $1.23 million. Meanwhile, its recently launched Rothera prediction market platform achieved over 900 million trades in its first week, driving nearly a 60% increase in Robinhood’s active contract trading volume.
Meanwhile, due to weak institutional trading volume and a decline in cryptocurrency trading volume, cryptocurrency revenue for the second quarter is expected to fall below $134 million. Prediction market revenue is projected to surpass cryptocurrency revenue as early as this quarter, becoming the faster-growing revenue source. (artemis)