Elon Musk, CEO of Tesla, feels that Robinhood wallets will be a big issue for Dogecoin since the top meme cryptocurrency will no longer be considered as a speculative investment by customers of the premier online brokerage site.
Dogecoin co-founder Billy Markus noted in the tweet that drew the centibillionaire’s attention that the flagship canine cryptocurrency could now be used for tipping, trading, and other uses now that Robinhood users will be able to embrace decentralization.
Previously, Markus described his first experience sending Dogecoin from his Robinhood wallet.
In late January, Robinhood began the beta testing phase of its wallets, allowing some of its waiting users to withdraw funds to their own wallets.
The Menlo Park-based company earned $48 million in cryptocurrency-related revenue in the fourth quarter of 2021, a 6% decrease from the third quarter. Notably, Dogecoin contributed for a whopping 40% of the aforementioned total.
Dogecoin accounted for 26 percent of Robinhood’s overall revenue in the second quarter, which totaled $565 million.
Memecoin-hungry fans have been pleading with the famous online trading site to add Shiba Inu compatibility. Robinhood, on the other hand, continues to stall on the coveted list.
Users of Robinhood may currently purchase and sell seven coins. However, the vast majority of them are still unable to withdraw funds to third-party wallets.
During its most recent earnings call, the business also announced that it would begin extending bitcoin trading worldwide in 2022, claiming that the cryptocurrency economy has “immense potential.”