The cryptocurrency market has taken an exciting turn, and Robinhood and Coinbase are two big players doing very well. As digital asset prices have increased, these companies’ income has grown by leaps and bounds. Dogecoin’s meteoric rise has sparked a new meme coin craze, and Washington, D.C., has taken notice. As crypto’s power grows, it pushes for more vigorous representation at the federal level. Let’s look at how Robinhood and Coinbase are making money off the crypto boom and the political storm that’s going on simultaneously.
Robinhood’s Crypto Revolution
Dogecoin and other joke coins have become very popular quickly, making Robinhood very rich. Dogecoin’s value has grown by 220% in just one year, which has been a massive windfall for Robinhood, whose users hold 35 billion DOGE, about 24% of the total supply. The crypto stash, which is now worth $8.8 billion, hit a high point of $16.4 billion for a short time in December. So, Robinhood’s Q4 results show that their revenue from digital assets grew by a massive 700% year-over-year, hitting $358 million and making up 35% of their net revenue.
Coinbase Recovers
Another big name in the crypto world, Coinbase, has made a fantastic return. After a tough year, the exchange recorded net revenue of $2.2 billion for Q4, more than the $1.8 billion analysts had predicted. Compared to the last quarter, this is a nearly 100% rise. It also went through a massive increase in trade volume, which sped up to $94 billion and boosted Coinbase’s net income by 1,600% to $1.3 billion. This growth comes after a year of getting back on its feet after the FTX scandal.
Washington D.C. Crypto’s Rise
Crypto’s rise isn’t just about money; it’s also about politics. The crypto industry is becoming more powerful, and the most prominent companies are pushing for better representation. Crypto and AI Czar David Sacks oversees the President’s Working Group on Digital Asset Markets. This group has become a hub for crypto support.
Conclusion
Though Robinhood and Coinbase already make much money from the crypto boom, their success allows for even more growth. However, the fact that crypto companies are becoming more assertive in Washington shows that this digital change isn’t just about money; it’s also about how rules and laws will be made in the future.
