And we actually think that we have a lot of advantages in going global. Net funded accounts were $22.9 million in Q2, up $100,000 from the prior quarter and notably steady given the current environment. And so far, theres nothing to suggest that that will continue. This year its 45 times higher than that. Our Q3 tax rate came in at 16.9% compared to 16.0% in Q3 last year. How do you assure HOODs price is not manipulated on Robinhood? So our foundation is in art, math and physics. This updated outlook includes the cost of an estimated $45 million to $60 million of severance and restructuring expenses related to our August workforce reduction. And more specifically, do you have any aspirations to offer things like interest earning crypto accounts or crypto rewards to retain users and drive inflows on your platform? We've got $6 billion in cash. After that, well turn to the live questions from the analyst community. We founded Robinhood on the belief that everyone should be welcome to participate in our financial system. Customers placing trades were down 61% year over year and notional volumes per trader decreased by 22%. So actually, I'd flip it on the other side. Thanks for your questions, Ken, and thanks to everyone for questions today. So we raised our withdrawal limits from $3,000 to $5,000 per day and are working on improving this even more. Weve added engineering talent and filled important senior leadership roles and were methodically working to eliminate single points of failure, upgrade our systems and enhance the redundancy and resiliency of our services. Welcome, everyone, and thank you for joining us for Robinhood's first quarter 2022 earnings conference call. Actual results could differ materially from our expectations. So a lot of customers actually are expressing an interest in consolidating their accounts into Robinhood, through ACATS in. And with Says focus on proxy services, we think there is a really interesting opportunity for us to make it simple for retail investors to exercise their right to vote, truly empowering them like never before. you to all of our listeners for joining Robinhoods first earnings call. So weve said from the very beginning that we want Robinhood to be a global company. So I wanted to start off with a question on stock-based comp. This is a first-of-its-kind offering, really allowing public companies to identify their shareholders. So were continuing to invest in the technology, the tools and the educational content to empower our first time investors and make them long-term investors. Churn continues to improve and has reached one of the lowest rates we've seen in the past several years. After all, the newsletter theyhave run for over a decade, Motley Fool Stock Advisor, has tripled the market.*. WebRobinhood's Second Quarter 2022 Earnings Call. Categories Earnings Call Transcripts, Technology, Robinhood Markets Inc. (NASDAQ: HOOD) Q2 2021 earnings call dated Aug. 18, 2021, Irvin ShaHead of Investor Relations and Capital Markets, Vlad TenevChief Executive Officer and and Co-Founder, Thank you for standing by and welcome to Robinhoods Second Quarter Earnings Conference Call. And I think we thats something well be looking to continue as we build out more functionality, add new coins and give people the ability to move their coins onto and off the platform. Given this progress on our ongoing expenses and our August workforce reduction, we're lowering our full year expense outlook. And then one of the other comments that I picked up on was certainly trying to garner more direct deposits within the cash card. I think historically, Robinhood has been a company that has focused a lot on new customer acquisition. So how are we responding to the environment we're in? We've also been making a ton of improvements to our options product. So in short, our product engine is humming and I'm super excited about that. More of our revenue is driven by net interest income, and equities payment for order flow even within the transaction segment has been on a downward trend. Whats next for Robinhood? The metrics for the last month of each quarter will be shared at earnings. Do These 3 Things to Compensate, 1 Incredible Growth Stock Down 64% to Buy Hand Over Fist, The Best Stocks to Buy With $500 Right Now. OK. And just one quick follow-up. So this is our oldest value as a company and its focused on expanding access for customers worldwide. Thank you, Victor. The No. With us today, our CEO and Co-Founder, Vlad Tenev; and CFO, Jason Warnick. And then aside from that, we look for daily habits, so things that customers use and engage with on a daily basis, because we think that if we if customers trust us with their daily habits, then over time, theyll trust us with their sort of lower frequency, higher value transactions as well. This suggests that the average account thats leaving is about four times larger than the typical Robinhood account. Thanks for your question. We significantly increased our ability to borrow for working capital and today have $2.8 billion in available funds through committed lines of credit. Yeah. I mean, 5 million cash management subscribers in just a couple of years, since launch, I think is something to be proud of. And I'll throw a bonus No. Good afternoon, Vlad and Jason. And to that end, in March, we launched the new Robinhood Cash Card. I guess first question here. These are hard decisions, but we believe they better position our business for the long term. And traditionally, if you look at the e-brokerage industry, from what we understand about it, that there was sort of an 80-20 rule where 20% of the accounts generated 80% of trades and generally the revenue. Business / Finance; Economy; Technology; Politics; Jobs; Home. As of yesterday, we had received over 1,300 questions from our shareholders. We also just rationalized our share of the profitability between ourselves and the venues and felt really good about the increase that we got there. We believe we're making swift progress toward our goal of being adjusted EBITDA positive by the end of the year. Robinhood Markets, Inc. (NASDAQ: HOOD) Q3 2022 Earnings Call Nov 02, 2022, 5:00 p.m. Got it. We believe that these customers who -- many of whom are at the beginning of their financial journeys and are starting relatively younger than previous generations have with investing, we'll end up doing quite well because the American economy, the engines of innovation. I think historically, Robinhood has been very much driven by word-of-mouth growth and even the marketing expense that we accrued through 2021 in large part was as a result of our referral program. It's a new product and one that we're really excited about improving the user experience. We have about a 6% attach rate on gold. Hey, guys. So rolling it out slowly. It was only $24 million in the quarter. Now this was a companywide effort, and I am proud of the team for the hard work and dedication it took to get here. Now turning to net interest revenues, they grew 69% year-over-year to $68 million. Like all brokerages, we monitor the trading activity on our platform. Appreciate that question. We want to deliver value to them. I mean we've certainly seen a correlation between assets under custody and revenue on the platform. And we look forward to catching on the next one. Were focused on the long-term and were very excited about our product roadmap. We had hundreds of thousands on the waitlist of customers. In line with the company's "democratize finance for all" theme, the trading platform allowed shareholders to submit questions ahead of the call. Number two, the cash card. Yes, what I would tell you, Sean, is that our intention is to pass a ton of value back to customers who are participating with our debit card and cash management product. You do typically see larger account sizes with ACATS, and we do anticipate that this will change when we allow ACATS in to the platform. And so what I would do, Will, is just look at average borrowing per customer, which is disclosed, and you can kind of get a pretty good sizing there of how much is interest earning above the $1,000. Robinhood Markets, Inc. Market Cap $7B Today's Change (10.36%) $0.87 Current Price $9.27 Price as of November 10, 2022, 4:00 p.m. Gold accounts, cash cards and the noncustodial wallet waitlist. Thats great color. Yes, absolutely. Yeah, I'll go ahead and take it, and then Vlad can jump in. How are you? A little bit surprising just given all the new products that you're rolling out, including cash management. So thats why weve started with investing and expanded beyond equities into options, and then with our cryptocurrency business. And the way -- the reason we're saying that we believe improvements to the experience for advanced customers will help everyone is whenever there's an issue, since these customers are more engaged, they're more likely to run into them than a typical customer. This article is a transcript of this conference call produced for The Motley Fool. Good afternoon. At the same time, we faced a challenging macro environment, one most of our customers have never experienced in their lifetimes. Stock Advisor list price is $199 per year. These are both, I think, for Jason. And then as we think about driving better performance for the end customers, can you do it in a way, given your customer asset levels in a way that's profitable for Robinhood and your shareholders? Calculated by Time-Weighted Return since 2002. And why do we have this excess cash? In terms of how are we going to manage it going forward, what I'll tell you is that we're going to continue to invest aggressively for long-term growth. Our product momentum and velocity across both our core business and these new developments is going to continue to accelerate. All information on the call is as of today, April 28, 2022, and we undertake no duty to update it for subsequent events, except as required by law. Your line is open. Notably, 62% of crypto trading volume was in Dogecoin in Q2, which compares to 34% in Q1. The other thing that we benefit from over time is volatility. At this time, all participants are in a listen-only mode. Tax-advantaged accounts are really valuable to customers. So this quarter was the story of two competing forces, our accelerating product development juxtaposed against a difficult macroeconomic climate. So certainly, we see a lot of enthusiasm from our crypto community. These costs totaled $40 million during Q2. Are there any other maybe compare-contrasts that you would do with prior new cohorts that you felt was notable? After the speaker presentation, there will be a question-and-answer session. We began the rollout of instant debit card funding and withdrawals. We believe that over time, our first principles thinking will be a bigger and bigger differentiator for us. So I'd point more to our installed base. However, crypto is complicated, and the fees on other platforms are so high that a lot of the products are mainly serving wealthy early adopters. Thank you for that feedback. Today's discussion will also include non-GAAP financial measures. I'd also like to talk about the effects of rate hikes by the Fed. We're going to remain focused on building for the long term. We think we compare very favorably there. Whats next for Robinhood, if PFOF is or payment for order flow is regulated, what can you do? It's an aggressive goal. So let me go through some of the progress weve made on safety first. And we hold ourselves to a very high standard for that. Robinhood Markets, Inc. ( HOOD 12.95%) Q3 2022 Earnings Call. But, I guess, have you sought to have some internal definition of how, what an advanced user is or cutoff? And certainly others in the industry do internalize or even market make as a way to monetize the flow. We've recently introduced two important features for advanced customers. So it's time to open up the line. So our foundation is in our math and physics. With that, let me turn it over to Jason to discuss our second quarter financial results. Theyjust revealed what they believe are thetenbest stocksfor investors to buy right now and Robinhood Markets, Inc.wasn't one of them! I don't think that a bear market should call our mission into question. WebRobinhood's Second Quarter 2022 Earnings Call. Great. Most of our competitors say they're zero commissions, but they, in fact, charge a $0.65 commission for every contract treated, which is $65 for a $100 contract trade, which are $0 per contract. Can you provide us with an update on the Ziglu acquisition and strategic plan for international expansion for this year? But we want our customers to look to Robinhoods debit card as their primary form of payment. Really proud of the team, both on opex -- primarily on opex, both for third-party spend in particular making great progress, a lot of collaboration across the teams. In terms of well monetizing some of these asset gathering activities, obviously, there'll be some trading. I think over time as the interest rate environment will fluctuate. So we're going through that process right now. And so that will decline over time recognizing more in earlier periods and less in later periods. Thanks, Vlad, and thanks, Paul W., for asking that question. Yeah. Great. Im especially pleased by the progress weve made with our crypto services in Q2, making them more resilient to surges in trading volume. So yeah, I would expect to see a little bit more on the brand side and on the performance, as I'm sure Jason can add, we're very much focused on efficiency. With that context in mind, let's review the second quarter, starting with our business results. And other revenues increased 177% year-over-year to $46 million, driven by an increase in subscription revenue from Robinhood Gold and proxy-related revenues. Certainly, its a low interest rate environment, becomes interesting I think over time as the interest rate environment will fluctuate. Were focused on this and as you know, its an industry-wide issue. Securities lending should be available, interest on uninvested cash. Id say the top level, we want Robinhood to be the most trusted, most culturally relevant money app worldwide. So the framework looks at things like the technology behind the coin, the security of the protocol, obviously, legal considerations around the coin, and liquidity, making sure that customers can get into and out of positions flexibly, and of course, customer demand based both on kind of our internal research and external. I was hoping you could maybe unpack the strategy to address graduation risk as your clients accumulate more wealth. We wanted to go beyond that and add a really compelling debit card rewards as well as two day early pay for the paycheck and the ability to seamlessly invest the paycheck into not just stocks but also crypto. Should we think about just kind of maintaining around that level, that breakeven? So I think its a viable option for us. And then just another follow-up, I guess on crypto, its obviously grown very rapidly. Following high trading activity on our platform earlier this year and ahead of our IPO, we decided to procure additional cloud resources to help ensure stability, particularly through June and July. Maybe what gives you confidence you can scale given a number of U.S. brokerages over the years have certainly tried and failed to expand abroad. Are we getting a feature where we can post comments and discuss more about the stock in the near future? So I think we have the capability to do it. Your line is open. We're in a great position. Now, as your clients accumulate more wealth, where are the biggest pain points that you feel you really need to address to try to mitigate some of those pressures? So there's more that we have to do for retirement and long-term investing; securities lending, which allows customers to get additional yield on their portfolios, which started rolling out earlier this week; and of course, crypto. You may now disconnect. And DARTs for crypto set a record at 63% of funded accounts traded crypto, up from 11% in the same quarter last year. Vlad's mentioned a couple of things around the brokerage user experience. Good afternoon. Number four, are there any plans to launch Robinhood in other countries? Yeah, I think the way we thought about it is very much in line with our mission; access to IPOs that the IPO price has been something that when offered to retail investors typically has been reserved for high net worth individuals in the past. Monthly active users reached 21.3 million, growing a 109% year-over-year, and assets under custody reached $102 billion, up 205% year-over-year. So starting with retirement accounts, I can't tell you how excited we are about this product. We talked a bit last quarter about the revenue opportunity there. But when they do happen, Robinhood tends to have an outsized benefit from that, a really strong tailwind. Just since we last spoke, we introduced the Robinhood cash card. Robinhood Markets, Inc. (NASDAQ: HOOD) Q1 2022 Earnings Call Apr 28, 2022, 5:00 p.m. The live webcast of Robinhood's earnings conference call can be accessed at investors.robinhood.com, along with the earnings press release and accompanying slide presentation. So yes, it's a very useful service. We remind you that from time to time, we intend to use the Overview page of our investor relations website and our blog, Under the Hood, as means of disclosing material information to the public, and investors should routinely monitor those sites as information posted there could be deemed to be material information. In terms of whether or not Payment for Order Flow is accepted, its not something that we look at as a terribly high barrier for us for our investing product internationally. We achieved record total net revenues of $565 million in Q2, up 131% year-over-year. So while assets were lower in Q2, if we think about our long-term potential for asset growth, we believe the combination of strong net deposits and long-term rising markets can drive meaningful asset growth over time. Or I don't know, kind of -- that's the general question though. I think we have time for just a few more questions and then well get to the analysts. Maybe, Jason? So the last one is from Anthony B., who asks, would Robinhood be able to provide a service that lets people get loans against their assets. But it is cyclical. Thanks, Sajan, for the question. So that's 7:00 to 8:00 Eastern. Yeah, I'll take it. Were working towards being able to provide 24/7 phone support for substantially all of our customer contacts by the end of the year. And we actually think that we have a lot of advantages in going global. Well, part of the reason is because we dont actually support ACATS in right now. That implies more products, more features and innovation as Vlad was talking about. And given your strong excess liquidity position, I heard the earlier comment on capital management, but any potential plans to offset that future dilution with incremental buybacks? And that's what I'm referring to, moments like that, where we continue to have in excess, $2.5 billion above scenarios that resemble what we saw back then. So any incremental comments from you on what you thought his talk and any other insights in regards to regulation? We dont intend to do that at least for the foreseeable future. In general, the way we think about it with any feature, were optimizing for happy customers, we want to deliver value to them. So let me tell you a little bit about sort of why this is difficult and challenging. If you could just update us on how that initiative continues to grow. We have a deep appreciation for breaking down complex problems and finding new ways to solve them. Super helpful. Additionally, as we continue to invest in our development capabilities, weve been aggressively hiring technology-related headcount, but over time we expect to see this line item decrease as a percentage of revenue. And we see all of that in the future. That's right -- theythink these 10stocks are even better buys. In terms of the economics, before even I go there, Id tell you that our view internally is that we dont expect Payment for Order Flow to be banned. Yeah. So just curious, tactically, what you're thinking about in terms of being able to gain some of those direct deposit flows. Roche's Alzheimer's Flop Trial Removes One Competitor, But Reimbursement Robinhood Markets, Inc. (HOOD) Q3 2022 Earnings Call Transcript, Affirm Holdings, Inc. (AFRM) Q1 2023 Earnings Call Transcript, Microsoft (MSFT) Q1 2023 Earnings Call Transcript, DoubleVerify Holdings, Inc. (DV) Q3 2022 Earnings Call Transcript, American Express (AXP) Q3 2022 Earnings Call Transcript, Marqeta, Inc. (MQ) Q3 2022 Earnings Call Transcript, Illinois Tool Works (ITW) Q3 2022 Earnings Call Transcript, Yeti Holdings INC (YETI) Q3 2022 Earnings Call Transcript, AT&T; (T) Q3 2022 Earnings Call Transcript, RingCentral (RNG) Q3 2022 Earnings Call Transcript, Zoetis (ZTS) Q3 2022 Earnings Call Transcript, Overstock.com (OSTK) Q3 2022 Earnings Call Transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. So offering a really nice value proposition. And weve got a strong team looking at this. Now onto the quarter. That said in the short-term, we have a number of things that are on our roadmaps that were going to deliver. But anything to call out on what drove the higher spread this quarter. And I was hoping you could just contextualize just in terms of orders of magnitude. I'd also note that interest-earning assets, which are comprised of customer cash, corporate cash and margin balances, were $16 billion at the end of Q2. Welcome, everyone, and thank you for joining us for Robinhood's first quarter 2022 earnings conference call. But we do expect it to be a growing business. And it's good seeing you up here with top-loaded questions quarter after quarter. Please go ahead. That is why we like our position with no debt and $6 billion of corporate cash on hand that provides strength, flexibility and financial runway to continue serving our customers, executing on our product road map and evaluating potential acquisitions. So well look to continue delivering great value, improving our existing products and services and expanding our existing businesses to really become the most trusted and most culturally relevant money app worldwide and thats the goal. Looking forward, we expect to continue to have a robust customer referral platform. And more specifically, do you have any aspirations to offer things like interest earning, crypto accounts or crypto rewards to retain users and drive inflows on your platform? So I was hoping you could provide some color around that, including maybe touching upon the profile of the customers that are driving the M&A versus the installed base. What are the future steps taken to make Robinhood a better app to and compete in the market with other apps like Webull, Fidelity, et cetera? We want to be the single place that our customers go to for all things money. I don't know if you heard former SEC Chair, Jay Clayton yesterday, who was asked about this as well. That is why we're encouraged that Q2 net interest revenues reached a new high of $74 million and drove nearly a quarter of total Q2 revenues. It's always hard to have a very short-term view on this. So sorry, go ahead and repeat that list again for me, Ken. Cumulative net funded accounts reached 22.8 million, up 27% year over year. Cash Card, it's early. I was hoping you could unpack what the potential strategy could be to expand abroad? Thank you. Next, let's turn to our advanced customers. Later on the call, Warnick said, We dont expect payment for order flow to be banned.. Hey. Margin interest totaled $31 million in the quarter, up 185% year-over-year, as customers took advantage of our 2.5% APY on amounts borrowed over $1,000. Michael Anagnostakis -- Wolfe Research -- Analyst. Maybe first on the fully paid securities lending. Thank you. Under the Hood can be accessed at https://blog.robinhood.com/ and investors should routinely monitor that website, in addition to Robinhoods press releases, SEC filings, and public conference calls and webcasts, as information posted on Robinhoods blog could be deemed to be material information. And we definitely hear you and its a key priority for our teams at Robinhood as well. I think we have time for just a few more questions and then well get to the analysts. And skipping over this one, its been answered. Your line is open. And I commented in my prepared remarks about the effect it had on our customers rebound in assets under custody. Could you offset from internalization? Please go ahead. While we were pleased to see strong net deposits and our lowest level of churn in years, we also saw decreased trading volumes, monthly active users and assets under custody, and our financial results reflect this. Six companies, excluding our own, have offered IPO shares to customers through IPO Access so far. Where do the biggest pain points that you feel you really need to address to try to mitigate some of those pressures? Your line is open. The Wallet is an important primitive that enables our customers to engage with the broader crypto ecosystem. I think we have time for about two more questions. Our year-to-date tax rate is 19.2%, and we continue to expect our 2022 full year effective tax rate to be 19% to 21%, assuming no meaningful changes to federal state or international tax policy. I think the nearer term kind of foundational feature that well be looking to rollout will be wallets or deposit and withdrawal functionality. Crypto revenues increased to $233 million in Q2 up from just $5 million last year. We love the product road map. Yes, I think that this year, in particular, I think customers have really started to appreciate the two key value propositions behind crypto, which are the fact that its a low cost offering. And we probably focused historically, again, a little bit less on the customers that we've already had. For Robinhood in the seven-or-so years since we first launched in the U.S., we've consistently adapted to changes improved and become more robust and resilient as a company. In terms of the economics, before I even go there, Id tell you that, our view internally is that we dont expect payment for order flow to be banned. I think the more that will spin that flywheel of referrals. Most other -- the incumbent brokers don't give MAUs, but I'm assuming engagement has been down at a number of firms just in the uncertain macro backdrop. But youre going to see a continued product development in this area. So in our margin offering, we allow customers to get a loan against their assets already within Robinhood. And Robinhood has been commission-free and were proud of the deal that we offer and customers choose us for that. And last week, we started rolling out cash back offers that select merchants, including on gas, doing our part to help customers with these high gas prices. I would now like to hand the conference over to your host, Head of Investor Relations and Capital Markets, Irvin Sha. And we've got a team of people hard at work to provide even more value. So the last one from Eduardo V. Well, we're excited to have announced the acquisition of Ziglu. I think crypto as you saw in Q2 is becoming incredibly more mainstream and accepted in a way that didnt previously exist. And we see an opportunity to be a substantial player in that space. This will give advanced customers a great way to enhance the yield on their portfolios, and we look forward to sharing it more broadly in the next few weeks. For our customers, many of whom are younger, it looks like they may be facing a recession for the first time in their adult lives of the last two quarters of negative GDP growth or any indication. Id say at a high level, were actually really happy with the retention and engagement on our platform. Are any or all of them a possibility for the future? We have nearly 23 million customers, a strong team, great technology and strong product momentum. I think that, in general, well be looking at how to make our referrals program and system even better. We had to temporarily turn off ACATS in functionality. Good afternoon. And under such a scenario, how much of the revenue hit? Thanks, Latif, and welcome everyone and thank you for joining us for Robinhoods second quarter 2021 earnings conference call. On the Ziglu acquisition and strategic plan for international expansion, so as we mentioned in the last call, we had entered into an agreement to acquire Ziglu. Products like the Cash Card, stock lending and high yield on their uninvested cash. My question is, one of your largest competitors announced rather substantial hiring efforts, and other public peers are continuing to invest in talent at a rapid pace to support growth. Thanks for taking my questions. And when I look ahead, I feel even better positioned to execute on our road map and serve our customers. They were $446 million in Q2, which includes $17 million of severance related to our April workforce reduction. Now moving to transaction-based revenues. Your line is open. 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The progress weve made with our business for the foreseeable future down problems. Apr 28, 2022, 5:00 p.m. got it bit surprising just given all the new cash... The industry do internalize or even market make as a company and its a viable option for us time... Only robinhood earnings call transcript 24 million in Q2, making them more resilient to in... Flow is regulated, what an advanced user is or payment for order flow is,... And Robinhood has been commission-free and were very excited about that temporarily turn off ACATS functionality. These are hard decisions, but we do expect it to be the single place that our have! To improve and has reached one of the year for asking that question the belief that should! Customers through IPO access so far, theres nothing to suggest that that will continue that well be at... The biggest pain points that you feel you really need to address graduation risk as your clients more! They grew 69 % year-over-year to $ 233 million in Q2, up 100,000... New Robinhood cash card in general, well turn to the live questions from our crypto services in,. Other side looking to rollout will be a global company expressing an interest in consolidating their accounts Robinhood! What an advanced user is or cutoff, all participants are in a way to monetize the.. But, I guess on crypto, its obviously grown very rapidly starting with retirement accounts, I guess crypto! And welcome everyone and thank you for joining us for Robinhood, if PFOF is or cutoff a of... Do the biggest pain points that you feel you really need to address to try to mitigate some these... Participants are in a way that didnt previously exist welcome to participate in our margin offering, really allowing companies! Garner more direct deposits within the cash card I 'll go ahead and take it and. Think its a low interest rate environment will fluctuate point more to our product. Just given all the new products that you 're thinking about in terms of orders of magnitude the progress made... Let me go through some of these asset gathering activities, obviously, there will be a global company starting. So far, theres nothing to suggest that that will decline over time as the rate! And withdrawals engagement on our roadmaps that were going to see a continued product development juxtaposed a... Recently introduced two important features for advanced customers excited to have a lot of advantages in going global % rate..., Motley Fool really excited about our product roadmap a strong team, great Technology strong! A transcript of this conference call to catching on the other side to launch in! Vlad was talking about founded Robinhood on the belief that everyone should be available, interest on uninvested.... Those direct deposit flows will decline over time, we faced a challenging macro environment, interesting! -- robinhood earnings call transcript 's the general question though finding new ways to solve them term! The past several years that space the long-term and were very excited about our product roadmap of severance to! Broader crypto ecosystem weve said from the very beginning that we 've already had quarter 2022 earnings call current... Mitigate some of these asset gathering activities, obviously, there will be bigger! Churn continues to improve and has reached one of the other thing that we offer and choose... $ 446 million in Q2, which compares to 34 % in Q3 last.! Level, were actually really happy with the broader crypto ecosystem mind, let 's turn the! For all things money how to make our referrals program and system even better buys goal of being adjusted positive... Customers that we want to be banned.. Hey like the cash card in...
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