Coindesk has learned of the end of Robinhood's work with cryptocurrency market maker Jump Trading

Brokerage platform Robinhood has stopped working with cryptocurrency market maker Jump Trading

Jump Trading refused to work in the U.S. market due to stricter control by regulators

Brokerage platform Robinhood has stopped cooperating with a major market maker for cryptocurrencies Jump Trading, Coindesk reports, citing its own source familiar with the situation. The reasons why the companies ended the partnership are not reported.

Robinhood's cryptocurrency business and its commission-free trading service rely on market makers to ensure the smooth trading of billions of dollars. Jump Trading Group, one of the world's largest high-frequency trading firms, has its own digital currency trading division, Jump Crypto, in addition to its partnership with Robinhood.

Jump Trading refused to operate in the U.S. market due to stricter regulatory scrutiny. Since the fourth quarter of 2022, Robinhood's financial reports no longer mention Jump Trading subsidiary Tai Mo Shan Ltd, the publication's source noted. This company previously processed Robinhood's orders, the publication said.

Robinhood brokerage platform Robinhood's revenue from cryptocurrency transactions fell 18% in the second quarter of 2023. Over the past year, Robinhood's total brokerage platform revenue fell 4%, from $202 million to $193 million.

At the same time, the company became the third largest Bitcoin holder at $3 billion. More than 118.3 thousand bitcoins were found on one of the brokerage platform's wallets.