Christine Brown, the Chief Operating Officer for Crypto at Robinhood Markets, Inc., will leave the company after nearly five years as the division’s leader.
After working at Google, Brown joined Robinhood in 2017. Since then, she’s been in charge of the company’s cryptocurrency operations and has launched many crypto services to Robinhood’s investment app platform.
Brown, rumors to launch her own cryptocurrency company, according to sources. Despite the fact that no more information about this case has released. Brown, on the other hand, has acknowledged that he is quitting Robinhood.
Christine’s services to Robinhood over the last five years have been appreciated by Gretchen Howard, COO of Robinhood. From leading their self-clearing project to scaling the Robinhood Crypto team, they’ve done it all. They look forward to follow her entrepreneurial path in the future, she said.
Robinhood’s Crypto Journey
Robinhood, as a financial technology business, was able to start delivering cryptocurrency services in 2018. It was able to garner a sizable user base.
Robinhood’s crypto revenue, on the other hand, has fallen, according to its Q4 2021 earnings release. It revealed that cryptocurrency brought in only $48 million out of total revenue of $363 million. It fell short of the $448.2 million forecasted for the year.
Since then, crypto revenue has dropped to 18% of the company’s transaction-based revenue. Robinhood’s perceived delay in listing and adding more tokens and currencies to the site is one of the reasons why the company’s crypto revenues have been declining. This contrasts with rival services like Coinbase, which has pledged to speeding up its listing process.
New Wallet Feature
Regardless, Robinhood plans to expand its crypto products in 2022. It has since launched a beta testing period for its new wallet feature. It will make it simple for users to move their assets in and out of the platform. By the end of Q1 2022, this new wallet capability is expected to avail.
Robinhood has set aggressive objectives to begin offering its crypto platform to worldwide customers in 2022, according to the business. The business believes in the crypto economy’s immense potential and sees a great opportunity in serving customers all around the world.
Cryptocurrency is clearly still a high priority for the company. It will be fascinating to watch how it competes against competitors in the crypto market, which is becoming increasingly saturated. Brown’s departure will almost certainly signal a change of leadership at Robinhood Crypto. It will be interesting to see who assumes the reins of this rapidly expanding crypto division.