Robinhood’s crypto revenue drops by 79% as the CEO refuses to list Memecoins

<p>Despite the bullishness observed in November, losses in the fourth quarter of 2021 continued to rise, owing to a lack of interest.</p> <p>Last year, the once-controversial trading platform jumped into the cryptocurrency trend and managed to churn a significant amount of money solely from crypto trading.</p> <p>However, it has since been drastically reduced as a result of certain decisions made by the Robinhood management.</p> <p>Robinhood's Seven Coins</p> <p>In the aftermath of these losses, Robinhood CEO Vlad Tenev issued a statement when asked about the rumours of Shiba Inu's listing. Tenev stated explicitly:</p> <p>"We don't want to trigger SEC registration requirements for cryptocurrencies...</p> <p>We have a lot of faith in the coins we have on the platform."</p> <p>Even though SHIB isn't mentioned directly, the platform's choice of words indicates that the meme coin will not be added anytime soon. The discussion began after Robinhood experienced continuous losses in the previous quarter, as well as a 6% decline from the previous quarter.</p> <p>According to Bloomberg, Robinhood made over $223 million in revenue in the second quarter of 2021, which dropped to $51 million. Dogecoin alone accounted for 40% of this $51 million in revenue, prompting people to demand the inclusion of Shiba Inu, one of the most popular coins at the time.</p> <p>The demand arose because, of the seven coins offered by Robinhood to its customers, only one was and is the face of the trend – Dogecoin. Three of the remaining six coins were Bitcoin, Ethereum, and Litecoin, with the final three being Bitcoin Cash, Bitcoin SV, and Ethereum Classic.</p> <p>As a result, it is clear why the platform is losing money, as few people are interested in trading the latter three coins.</p> <p>Robinhood is losing more money than it is making</p> <p>Robinhood's share price has been steadily declining over the last four months. By the end of September, the platform's ticker was trading at $46.69. Since then, HOOD has dropped 77.08 perce