According to Billy Markus, co-founder of the cryptocurrency, Robinhood’s new feature will help Dogecoin (DOGE) holders adopt decentralization.
Tesla CEO Elon Musk also apparently joins Markus and believes Robinhood wallets will be a big deal for Dogecoin. Because in this way the biggest meme cryptocurrency will no longer be seen by users of the leading online brokerage platform as just a speculative investment.
In a tweet that caught the billionaire’s attention, Dogecoin co-founder Billy Markus announced that the flagship dog cryptocurrency can now be used for tipping, trading and other purposes, with Robinhood users now embracing decentralization.
it’s a HUGE deal that all the shibes that bought #dogcoin on Robinhood will finally be able to use dogecoin as it was intended – trading, tipping, whatever – rather than solely as a speculative investment stuck on a centralized platform!
embrace the decentralization! 🔥
— Shibetoshi Nakamoto (@BillyM2k) January 30, 2022
Also earlier today, Markus talked about his first experience sending Dogecoin from his Robinhood wallet and said that seeing his own name in the statement was an interesting experience.
just sent some doge from my @RobinhoodApp wallet! was easy and fee was only 0.02 doge – this is fantastic!
also it’s super weird when i look at the description of dogecoin in the app and see my name 🤣 pic.twitter.com/m9sHrlQYAm
— Shibetoshi Nakamoto (@BillyM2k) January 30, 2022
Robinhood started the beta testing phase of its wallets in late January, allowing some users on the waiting list to withdraw funds to their own wallets.
In the fourth quarter of 2021, the Menlo Park-based company earned $48 million from cryptocurrency-related revenue in the fourth quarter of 2021, down 6% from the third quarter. Dogecoin made up an impressive 40% of the aforementioned total.
In the second quarter, Dogecoin had a 26% share of Robinhood’s total revenue, which reached $565 million.
Robinhood Shiba Inu Drama Continues
Memecoin-hungry users continue to insist the popular online trading platform add support for the Shiba Inu. But Robinhood continues to drag its feet on the much-anticipated listing.
As of now, Robinhood users can buy and sell seven cryptocurrencies. However, many still cannot withdraw funds to third-party wallets.
During its most recent earnings call, the company announced that it will begin expanding international cryptocurrency trading in 2022, claiming that the cryptocurrency economy has “enormous potential.”
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.