Broker Robinhood has released its July financial report and reported a decline in digital asset trading volumes.
Total digital asset trading volume fell 38% year-over-year during the period, with Daily Average Revenue Trades (DART) falling 33%.
However, total trading volume, including equity market and options contracts, grew significantly in July, both on a monthly basis by 3% to $69.2 billion and on an annualized basis by 42% to $48.4 billion, according to CryptoNews.
The total value grew by 31% on an annualized basis to 1.7 million during the reporting period.
It is worth noting that the broker managed to increase the number of Net Cumulative Funds Accounts (NCFA) to 232 million in July. Also, the number of active clients of Robinhood increased by 200 thousand to 11 million in monthly terms and decreased by 17% in annual terms.
Robinhood saw a significant increase in Assets Under Custody (AUC). Month-over-month growth was 6% to $94.5 billion, and year-over-year growth was 27% to $74.6 billion.
In July, net client deposits increased from $400 million to $1.4 billion.
The decline in trading activity contributed to the broker's decision to cut its workforce by 7%, or about 150 people.
