Elon Musk Believes Dogecoin Will Benefit Significantly from Robinhood Wallets

Elon Musk, CEO of Tesla, thinks that Robinhood wallets will be a game changer for Dogecoin, as customers of the premier online trading site will no longer consider the top joke cryptocurrency as a risky investment.

Billy Markus, co-founder of Dogecoin, noted in the tweet that the flagship canine cryptocurrency may now be used for tipping, trading, and other uses now that Robinhood customers can accept decentralisation.

Prior to that, Markus discussed his first experience sending Dogecoin from his Robinhood wallet. According to a report, Robinhood began testing its wallets in late January, enabling some of its waitlist members to withdraw cash to their own wallets.

The Menlo Park-based firm generated $48 million in cryptocurrency-related revenue in the fourth quarter of 2021, a 6% decline from the third quarter. Notably, Dogecoin accounted for a whopping 40% of the total.

Dogecoin accounted for 26% of Robinhood’s overall income in the second quarter, which totaled $565 million.

Memecoin enthusiasts have been pleading with the popular online trading platform to include Shiba Inu compatibility. Robinhood, on the other hand, continues to stall on the highly desired listing.

At the moment, Robinhood customers may purchase and sell seven cryptocurrencies. However, the vast majority of them remain unable to withdraw funds to third-party wallets.

Additionally, the business said during its most recent earnings call that it will begin extending bitcoin trading globally in 2022, arguing that the crypto economy had “immense potential.”

Also Read: Meta Files A Brazilian Trademark Application For Crypto-Related Services