Robinhood is finally entering the crypto wallet business and the company is today announcing the launch of the Robinhood wallet; a smartphone app that allows users to trade and transfer digital assets such as crypto and NFTs. According to Robinhood, it is currently being gradually distributed to more than 1 million users who have signed up for their waiting list. However, to the dismay of many, the wallet came without initial support for Dogecoin (DOGE).
Dogecoin (DOGE) Coming soon
After the DOGE community raised concerns about the asset’s absence, the US-based trading platform revealed that it is “hard at work” adding support for the popular memecoin to its recently launched cryptocurrency wallet. The announcement was met with a positive reception from the meme community, especially in light of the fact that Robinhood would be open to newer meme cryptocurrencies in the coming days.
Don’t worry, we are working hard to support Doge #RobinhoodWallet https://t.co/Hu1Be7EGrT
— Robinhood (@RobinhoodApp) January 20, 2023
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Robinhood’s GM Hints DOGE List
The formal response is consistent with statements previously made by Johann Kerbrat, the General Manager of Cryptocurrency at Robinhood. When questions about Dogecoin support were brought up, Kerbrat recognized that they plan to add additional chains and assets, albeit without disclosing which ones.
However, Robinhood’s trading app already includes support for the cryptocurrency dogecoin. And in August 2021, the company announced that Dogecoin (DOGE) was responsible for approximately 62% of the company’s revenue in Q2 2021. This figure was higher than that of Bitcoin and Ethereum. A few days ago, Robinhood also launched Sherwood, a new media organization that would serve as a source of news and information relevant to financial markets, economics, business and technology.
In addition to the other features in the wallet, the app includes further support for exchanging cryptocurrencies without paying the network fees. This is made possible by leveraging the power of Polygon (MATIC), an Ethereum side chain. At the moment, the wallet can support about 50 different cryptocurrencies. These include Shiba Inu, Ethereum (ETH), Solana (SOL), and USDC, among others.
Also Read: Is Bitcoin (BTC) Price Heading To $35,000 In The Coming Months?
Pratik has been a crypto evangelist since 2016 and has experienced almost everything crypto has to offer. Be it the ICO boom, the bear markets of 2018, Bitcoin’s halving so far – he’s seen it all.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
This post Dogecoin (DOGE) is next on Robinhood’s Crypto Wallet
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