joining. thanks everyone and to Irv, Thanks for
story against two accelerating climate. of product the quarter this competing development, our juxtaposed macroeconomic difficult a was So forces,
roadmap On growth. that same to the last we progress future One, ambitious most of ecosystem their the a our an of in our experienced products the we on face offers never made a at and expand financial lifetimes. will for foundation We At strong tremendous customers. time, challenging macro call, I laid this customers quarter built out our Robinhood have environment.
While financial users monthly also strong were we volumes, net lowest and this. of trading saw under see pleased to results deposits and reflect our active level in churn decreased our and assets we custody years,
in and our optimize focused important growth period been a it's pace at we business long-term. a we're where the to for hyper has of and keep place hired on efficiency with stay company business, Our scaled the to but and
us by is and deeper leaner model, the So charging make get I've dig discipline offense the cost moving earlier team starting challenged the adjusted reduction of ahead. no on still the EBITDA profitability week, but announced force towards this that year. a operating in playing we with We're mistake, end Robinhood and to to back
our believe through XXXX the lot a of know got products unpack that several value over flight in call. on and will to roadmap execute to and here I there's we course of while continuing customers are We we'll revenues. significant to walk the this we've generating add new all
with So let's start the product updates.
about product our excited super of humming short, engine that. So and in I'm is
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much the slowly bright see adoption we'll in so friction. card direct around also out We fees we're usage customers anything here. for Rolling expand better We're would experience. to customer access expect of they into bank to ensure their Robinhood all user by behavior far, for paychecks spots with directly using early seeing a we deposit Robinhood more except depositing still with user and direct to of what lower their and midyear. happy and stages points of understand and repeat our use We're and
our on high rate yield bringing back anticipated cash uninvested we tuned hikes, Stay coming that. the for also brokerage for with be customers. So on will more
let's Now about crypto. talk
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we've made. crypto progress on Now, in the already here are few updates
our is an rollout wallet we're wallets all to important First, excited completed of enables that The with the primitive engage ecosystem. have customers to the so to our customers. crypto of broader crypto
low can and user customers expect Just our with simple using fees like crypto wallets a trading experience.
we recently with with of beneficial integration fees will network, customers. than near power globally penny, which to instantaneous less announced our transaction planned hugely Second, the Bitcoin a our transfers lightning
on of updates our international integrated, will don't at build on yet have coming integration. more global we we will virtually serve Eventually technology While expansion. accelerate expect ability no we'll Bitcoin share the specific cost out fully this our as important component be scale timing in once the we’re an to and remittances a months we
effortlessly Solana. add we're relatively using to Compound, support new This about new part the scenes, framework custody new four new and add to added Inu, also We coins we listing good Third, time. of refining coins, with Polygon, feel expect been our over soon core is coins, to be a evaluate the process and we've coins that able Behind and Shiba crypto will chains. and and tokens, minimal year to began infrastructure last effort. more
fees. different and Bitcoin through recently agreement in million, Ziglu's that XX yield to UK and boost we into move in spend cash. platform and customers $XXX for Ziglu acquire an primarily Ziglu lets without pound Lastly, earn transact entered a Sterling even on based abroad cryptocurrencies, products money is crypto
on line paid a our all more our great well These sharing be more customers, customers. of years critical work this ability expansion hours, small way also earlier expected particularly set simplicity our this weeks. We've in on will the coming once number where this of they relatively but obtain introduced securities recently customers be serving to which our trade one to important doing the more we lending and extended also a to had year. quarter customers at first no this and of our requests. is and to features deeper They've to be contract the the with we'll dive advanced products. we're local forward customers, have a the companies to a way and their but for enhance flexibility broadly months, in the FCA look love the the on least, fees, UK launched the They and options type customers customer Over simplicity no we we're top drive crypto one and building This been bring to the information the but solving. segment. financial move which and we excel advanced top next fully our week, few knowledge. the crypto providing Mark significant regular portion while UK helpful that more challenge of benefit plans love being laser great And the close, And as so increase yield is There's even portfolios. confident we the that platform getting we stay through core pleasure They few revenue. registration will we this for a revenue. design we real our only believe for of the in positioned much And Ziglu expertise, the customers, That advanced to months. of screening to past improvements in to advanced the services I've incredibly in small charting get to flows, expand Last as not of a share rolled it have all beyond. want also interface international large and they focused that to asset know more as from making we've faster later operations of advanced two They We will well of commitment demonstrated their together. earlier out compliance, not was trading tools, give team. of trading commissions, our continue of while
the Now the macro call, mentioned presented the at top environment. the of by challenges I
markets. Robinhood low our has low most and For period a in inflation rates, history, rising interest operated of of
opposite Our experiencing of these the time all customers trends now three going direction, in in for perhaps the lives. first their are
us let some customer seeing. trading We've result, been we're As activities. watching me you tell And a with and less reducing what regularly their engaging are behavior.
a our engage active. customers falling overall, but customers continuing are numbers with we still larger MAUs us, our to remaining look So have million with the a deeper, level to down bit total March. in come When XX.X are
that We are seeing have balances. those pronounced more lower from declines
became with frequently less more our in the in asset all cautious uncertainty customers their the across and trading portfolios, smaller classes. market, amounts With
rise we've some encouraging in net its levels significantly Although, crypto down particular years. came seen to reached point pretty deposit in are activity but has continuing and churn signs, lowest
So we're going the in? to the we focused on great to long-term. a building We're environment We're for position. how in responding are remain
that, product let XX ahead strong technology on Together nearly million the with efficiency, of turn and customers, momentum. with future over me our bright. have us remains We team, focus a great it And strong Jason. to operational
