Less than three months after it was acquired by Robinhood, Crypto Exchange Bitstamp had surpassed the parent platform’s crypto trading volume, marking a 21% increase in August to $14.4 billion.
Robinhood’s company report on Thursday showed that Robinhood’s nominal product of Crypto fell 18% in August compared to July to just $13.7 billion.
Data shows that November 2024 registered a record quarter, but it was flowing for Robin Hood before it had slumped in August in July.
Robinhood’s major trading volume figures over the past 12 months. sauce: Robin Hood
Robinhood completed its $200 million acquisition of Bitstamp on June 2nd, adding more than 5,000 institutional customers and 50,000 retail customers to Robinhood’s total base.
Crypto exchanges are set to play a pivotal role in the company’s ambitions in the real world asset tokenization market.
Bitstamp, now known as Bitstamp by Robinhood, is connected to Robinhood Legend and its smart exchange routing offering, making trading easier between the two platforms.
Bitstamp and Robinhood’s total crypto trading volume fell 2.1% compared to the previous month, but Robinhood’s total assets rose 2% in a month to $340 billion, with crypto at about $41 million.
The crypto market closed flat in August
The broader crypto market ended the month when prices almost began, with only a slight increase in trading volume in August.
Ryan McMillin, CEO of Australia’s crypto fund management company Merkle Tree Capital, pointed out the seasonality when asked why Crypto Trading at Robinhood was stagnant.
Looking more broadly, McMillin said Crypto Market sentiment has been “relatively quiet” recently as it has been waiting for important macro signals.
“Trump has been asking for a lower fee while Jerome Powell delves into his heels. It looks like it’s changed now.”
Ck Zheng, founder and chief investment officer of ZX Squared Capital, is sure that overall trading volume is rising soon as Crypto is expected to hit a new high by the end of the year.
Zheng is also not convinced that in the fourth quarter, it will mark the peak of the current market cycle based on a four-year crypto cycle paper. This points to strengthening institutional adoption between funds traded on cryptocurrency exchanges and cryptocurrency companies.
Robin Hood currently on the S&P 500
Meanwhile, Robinhood debuted this week with Standard & Poor’s 500, bringing another crypto-active company to America’s most tracked stock index.
Related: Ark Invest Buys Buys Dip: $21 million bullish, $16 million Robin Hood stock
“The move will expand the index’s exposure and connectivity to the digital asset economy,” Edwin Mata, CEO of tokenization platform Brickken, said in a comment to Cointelegraph on Tuesday as Hood’s shares exceeded 16%.
Robin Hood’s inclusion came when Michael Saylor’s strategy was snubled.
Robinhood has launched its own Layer 2
Around the beginning of July, Robinhood launched a Layer 2 blockchain, centered on tokenization of its European Union customer base, providing access to US stocks.
It also launched permanent futures in the EU, providing eligible traders with access to derivatives with up to three times the leverage. Transactions will be routed through BitStamp, a crypto exchange that was recently acquired for $200 million.
magazine: Can a tokenized inventory of Robinhood or Kraken really be decentralized?
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