Robinhood, the stock and crypto investing app, reported a net revenue of $441 million in Q1 2023, which is a 16% increase from the previous quarter. However, the increase in revenue did not come from its crypto business, which declined by 1% to $38 million. The company's interest revenue, on the other hand, rose 25% to $208 million, thanks to rate hikes from the Federal Reserve. Robinhood also launched its 24-Hour Market, providing 24/5 trading access to popular ETFs and individual stocks. Despite the decline in crypto revenue, Robinhood is still developing crypto-related products and recently announced new integrations with certain self-custodial wallet providers.
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