Overall, the trading platform made a net loss of $423 million in Q4, and believes revenue growth in the first quarter of 2022 will be disappointing to say the least.
Robinhood's CEO has suggested that the exchange has no plans to list SHIBA INU any time soon.
On an earnings call with investors after releasing financial results for the fourth quarter of 2021, Vlad Tenev has asked whether the trading platform plans to add further cryptocurrencies — with SHIB singled out specifically. In response, he said:
"So we've been hearing from customers loudly. We know they want more cryptocurrencies on the platform, and we've actually been proactively engaging with regulators. So the main concern with adding a large number of coins is that platforms that are adding lots of them could be adding unregistered securities. So they're watching the space closely. We're being deliberate. We want to avoid triggering SEC registration requirements for cryptocurrencies."
Reading between the lines, it seems SHIBA INU may not be a good fit for Robinhood as regulatory scrutiny of digital assets grows — news that will come as a disappointment to 556,000 people who have signed a Change.org petition calling for the memecoin to be listed. Tenev added:
"We have robust protocols in place. We feel very confident about the coins that we have on the platform, and we intend to add more coins going forward that we want to do it prudently."
Disappointing Results
Robinhood's shares tanked by as much as 15% in after-hours trading. Monthly active users have plunged from 18.9 million to 17.3 million in the space of three months, and by comparison, analysts had projected this would actually grow to 19.8 million.
Overall, the trading platform made a net loss of $423 million in Q4, and believes revenue growth in the first quarter of 2022 will be disappointing to say the least. It doesn't help matters that these results will be compared with the same period a year earlier, which is when GameStop and Dogecoin mania was dominating the markets.
Announcing the results, the company added:
"Robinhood has set aggressive goals to start opening its crypto platform up to customers internationally in 2022. The company believes in the immense potential of the crypto economy and sees a big opportunity in serving customers across the globe."
