Robinhood CFO: Not investing a lot of money in cryptocurrencies anytime soon

Time:2022-01-12 Source: 870 views Trending Copy share

On the afternoon of January 13, according to reports, the chief financial officer (CFO) of online stock trading platform Robinhood, Jason Warnick (Jason Warnick) said today that Robinhood does not plan to invest a lot of money in digital encrypted assets in the short term, although users have Such investments are in increasing demand.

Speaking at the "CFO Web Summit" held online today, Wernick said: "Strategically, there is no compelling reason for us to put our company's money in the cryptocurrency market."

Wernick's views are in line with those of some other CFOs. For example, Twitter CFO Ned Sgar said he was concerned about the volatility of some digital currency assets, or about restrictions on the company's investment policy.

While companies like Tesla and Block have put corporate cash into bitcoin or other virtual assets, many other CFOs have so far stayed on the sidelines.

"We're a highly regulated company and we're in a highly regulated industry," Wernick said. "We think it's critical to get more clarity from regulators."

In the third quarter of last year, Robinhood’s revenue from cryptocurrency trading was $51 million. Robinhood had about $6.16 billion in cash and cash equivalents at the end of September, compared with $1.4 billion at the end of 2020.

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