Online brokerage Robinhood Markets, Inc. (NASDAQ: HOOD) released its monthly operating metrics for November 2023 today (Tuesday), showing steady growth in users and assets. For another consecutive month, cryptocurrency volumes recorded the strongest growth, at around 75%.

Robinhood Reports Higher Assets and Volumes

Robinhood reported 23.3 million net cumulative funded accounts at the end of November, an increase of about 20,000 from October. Additionally, assets under custody (AUC) climbed 12% month-over-month (MoM) to $94.4 billion. The company saw $1.4 billion in net deposits for the month.

In terms of trading volumes, equities Equities Equities can be characterized as stocks or shares in a company that investors can buy or sell. When you buy a stock, you are in essence buying an equity, becoming a partial owner of shares in a specific company or fund.However, equities do not pay a fixed interest rate, and as such are not considered guaranteed income. As such, equity markets are often associated with risk.When a company issues bonds, it’s taking loans from buyers. When a company offers shares, on the other hand, it’s selling pa Equities can be characterized as stocks or shares in a company that investors can buy or sell. When you buy a stock, you are in essence buying an equity, becoming a partial owner of shares in a specific company or fund.However, equities do not pay a fixed interest rate, and as such are not considered guaranteed income. As such, equity markets are often associated with risk.When a company issues bonds, it’s taking loans from buyers. When a company offers shares, on the other hand, it’s selling pa Read this Term and options activity remained relatively flat compared to October, while crypto volumes jumped 74% MoM to $4 billion.

Strong growth in crypto volumes is occurring for the second consecutive month and is due to a resurgence in interest in digital assets in recent months. Since its low in October, Bitcoin has doubled in value.

Robinhood further reported $52.9 billion in equity trading volume and 95.3 million options contracts traded. Margin loan balances edged down to $3.4 billion, while total cash sweep balances rose 9% to $15.2 billion at month's end. The majority of the increase came from Robinhood's Gold cash sweep product.

Strong Year-Over-Year Change

Although this does not specifically pertain to the dynamics of cryptocurrency volumes, as these fell 30% compared to November 2023, all other major statistics recorded a strong year-over-year (YoY) jump.

For instance, AUC grew 34%, rebounding from a level of $70.2 billion, and the number of funded accounts increased 300,000 YoY. Total trading volume rose 18%, showing steady growth in both equity and options contracts.

5% On Idle Deposits and New Markets

In recent months, Robinhood has been focusing heavily on developing new products and entering new markets, including its cryptocurrency offerings. Just a week ago, Finance Magnates reported that the platform entered the European Union based on a license issued in Lithuania, offering its users additional services, including crypto transfers and staking Staking Staking is defined as the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. In particular, staking represents a bid to secure a volume of crypto to receive rewards. In most case however, this process relies on users participating in blockchain-related activities via a personal crypto wallet.The concept of staking is also closely tied to the Proof-of-Stake (PoS). PoS is a type of consensus algorithm in which a blockchain network aims to achieve Staking is defined as the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. In particular, staking represents a bid to secure a volume of crypto to receive rewards. In most case however, this process relies on users participating in blockchain-related activities via a personal crypto wallet.The concept of staking is also closely tied to the Proof-of-Stake (PoS). PoS is a type of consensus algorithm in which a blockchain network aims to achieve Read this Term.

Previously, the company expanded its 24-Hour Market with new symbols, now offering over 200 stocks and ETFs. Moreover, in 2024, Robinhood plans to further extend its presence in Europe, attempting once again to enter the UK market. This will be the retail trading platform's third attempt to acquire a license in the country.

Last month, following the current trend in retail trading, Robinhood also announced an increase in interest on idle funds to 5% for users of the Robinhood Gold service. For other traders, the interest rate is 1.5%.