New Robinhood Feature Will Help Dogecoin Holders Embrace Decentralization, Says Co-Founder Billy Markus
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 began beta testing its wallets in late January, allowing some of its waiting list users 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 held a 26% share of Robinhood’s total revenue, which reached $565 million.
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 can buy and sell seven cryptocurrencies. However, most of them are still unable 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.”
