eToro Q1 crypto revenue falls to $2.15B

Mobile investment app eToro saw its first-quarter revenue from crypto assets fall to $2.15 billion, down from $3.5 billion in the same period last year. The company also reported a 32% year-over-year decline in the number of crypto transactions for the quarter. Despite the downturn, eToro noted it has expanded its crypto trading services in New York and acquired crypto wallet Zengo for $70 million to grow its DeFi business. The results mirror a broader trend, with Robinhood and Coinbase also recently reporting decreases in crypto trading volume and revenue.