Robinhood Gains on New 24/7 Phone Support, Jump in Cryptos By

By Dhirendra Tripathi – Robinhood stock (NASDAQ:) rose 2.3% Tuesday as the company said it would roll out a 24/7 phone line in an effort to strengthen its customer support.

The company said the phone support service will be available for trades in cryptos as well as equities. In all cases, the request for support will have to come through the Robinhood app, the company said.

Prices of cryptocurrencies surged on Tuesday. () rose past the $50,000-level, where it hasn’t been since September 7 and traded 4.4% higher at 10:30 AM ET.

Ethereum and Binance Coin  were up 4% each. Dogecoin gained 7%. 

Fed Chairman Jerome Powell’s last week’s comments that the U.S. has no plans to ban cryptocurrencies has provided further impetus to the adoption of digital assets. The cryptos have also shrugged off last month’s warning by the Chinese central bank against trading in cryptos.

At $233 million, cryptocurrencies contributed to more than half of the $451 million in revenue Robinhood earned from transactions on the platform. More than 60% of Robinhood accounts traded cryptocurrencies in the second quarter, the company said.

Second-quarter revenue soared 131% to $565 million as retail traders from the Reddit gang and everywhere else piled on the platform to trade in cryptocurrencies and equities.

But the company warned that while many things went in its favor in the second quarter, it expected considerably fewer new funded accounts in the third. 




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