The top cryptocurrency executive at Robinhood Markets (NASDAQ: $HOOD) is leaving the company.
Tanya Denisova, chief operating officer of Robinhood Crypto, is departing after five years at the online brokerage.
The departure comes after Robinhood missed its first-quarter earnings and revenue targets on Wall Street, a disappointing result the company blamed largely on depressed crypto prices.
During their earnings call, Robinhood’s leadership team said lower prices for Bitcoin (CRYPTO: $BTC) and Ethereum (CRYPTO: $ETH) led to weaker crypto trading activities on their platform.
Crypto-related revenue, one of Robinhood’s biggest sources of income, fell 47% year-over-year to $134 million U.S. in Q1 of this year. That was down from $252 million U.S. a year earlier.
Denisova’s departure also comes after management said they aim to reduce the company’s reliance on volatile cryptocurrencies and reposition the business.
Robinhood enables users to trade stocks, exchange-traded funds (ETFs), options, and cryptocurrencies through a mobile-first app.
In recent years, the company has expanded its offerings to also include retirement accounts, cash management services, and credit cards.
Robinhood currently offers commission-free trading for major digital assets such as Bitcoin
And Ethereum directly within its app.
The company also provides crypto wallets, onchain transfers, and staking services in select markets. No announcement about who, if anyone, will replace Denisova has been made.
HOOD stock has declined 36% this year to trade at $73.64 U.S. per share.
