Robinhood now makes more money from predicting the future than trading crypto

Robinhood's cryptocurrency revenue fell 55% in the third quarter, even as its new blockchain helped offset declining trading income.The brokerage reported $120 million in crypto revenue for the three months ended Sept. 30, trailing the $173 million generated by prediction-market contracts. Meanwhile, total company revenue rose 12% to a record $1.42 billion.The results highlight a growing divergence between Robinhood's digital asset business and its other trading products, with options and prediction markets emerging as larger revenue contributors.Robinhood Chain offsets declining crypto trading revenueAccording to Robinhood's earnings presentation, its Ethereum-based Layer 2 network, Robinhood Chain, generated more than $50 million in transaction fees during its first quarter on mainnet, contributing $26 million to the company's reported crypto revenue.The network processed more than $80 billion in decentralized exchange trading volume during the period, ranking among the five largest blockchains by revenue and trading activity, according to Robinhood.Tom Wan, head of data at Entropy Advisors, noted that Robinhood Chain accounted for approximately 22% of the company's cryptocurrenc...