Robinhood’s cryptocurrency revenue fell 55% in the third quarter, but much of the discussion on its earnings call Tuesday (Oct. 27) focused on where customers’ money might go next. CEO Vlad Tenev outlined a future built around everyday banking, payments sent as easily as a text message and artificial intelligence agents that help customers understand investments and trade.

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The ambition is to become customers’ financial home. In his opening remarks, Tenev described banking and credit as important drivers of Robinhood Gold, its paid membership program. Both products remain in limited release, leaving room to expand access and make signing up easier.

Robinhood Banking has attracted nearly $5 billion in deposits from more than 350,000 funded customers, according to the company’s earnings release. About 40% have signed up for direct deposit.

During the call’s Q&A, Tenev offered another measure of progress: Robinhood Banking became the largest destination, by dollars, for money customers withdrew from their Robinhood brokerage accounts during the quarter. Money that previously might have moved to a big bank is staying within Robinhood.

“And obviously we love this because that money is not leaving the Robinhood ecosystem, it just stays in people’s accounts,” he said.

Later, responding to an analyst, Chief Financial Officer Shiv Verma said banking still requires a Robinhood brokerage account. Independent sign-ups would create an opportunity to market banking more broadly. Tenev added that regular paychecks and spending could provide a more predictable balance to trading activity.

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