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Elon Musk Believes Robinhood Wallets Are Huge Deal for Dogecoin

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Sun, 01/30/2022 - 09:53
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Alex Dovbnya
Robinhood’s new feature will help Dogecoin holders embrace decentralization, according to co-founder Billy Markus
Elon Musk Believes Robinhood Wallets Are Huge Deal for Dogecoin
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Tesla CEO Elon Musk believes that Robinhood wallets will be a huge deal for Dogecoin since the top meme cryptocurrency will no longer be viewed as simply a speculative investment by the users of the leading online brokerage platform.  

In the tweet that caught the centibillionaire’s attention, Dogecoin co-founder Billy Markus explained that the flagship canine cryptocurrency could now be used for tipping, trading and other purposes now that Robinhood users will be able to embrace decentralization.

Prior to that, Markus shared his experience of sending Dogecoin from his Robinhood wallet for the first time.

As reported by U.Today, Robinhood started the beta testing phase of its wallets in late January, allowing some of the users from its waitlist to withdraw funds to their own wallets.

In the fourth quarter of 2021, the Menlo Park-based company recorded $48 million in cryptocurrency-related revenue, which marked a 6% drop compared to the third quarter. Notably, Dogecoin accounted for an impressive 40% of the aforementioned sum.

In the second quarter, Dogecoin had a 26% share of Robinhood’s total revenue which reached $565 million.

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Memecoin-thirsty users have been begging the popular online trading platform to add support for Shiba Inu. Robinhood, however, keeps dragging its feet on the much-coveted listing.

As of now, Robinhood users are able to buy and sell seven cryptocurrencies. However, most of them are still not able to withdraw coins to third-party wallets.   

During its most recent earnings call, the company also revealed that it would start expanding cryptocurrency trading internationally in 2022, claiming that the crypto economy has “immense potential.”

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.