Robinhood is finally entering the crypto wallet business with the company announcing the launch of the Robinhood Wallet today; a smartphone app that enables users to trade & transfer digital assets like crypto and NFTs. According to Robinhood, it is currently being handed out gradually to more than 1 million users who signed up for their waitlist. However, to the dismay of many, the wallet came without the initial support for Dogecoin (DOGE).
Dogecoin (DOGE) Coming Soon
After the DOGE community raised concerns about the absence of the asset, the U.S.-based retail trading platform revealed that it is “hard at work” on adding support for the popular memecoin to its newly launched cryptocurrency wallet. The announcement was positively greeted by the meme-community, particularly in light of the fact that Robinhood would be open to newer meme cryptocurrency listings in the coming days.
Don’t worry, we’re hard at work on supporting Doge #RobinhoodWallet https://t.co/Hu1Be7EGrT
— Robinhood (@RobinhoodApp) January 20, 2023
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Robinhood’s GM Hints DOGE Listing
The formal response is consistent with the statements made previously by Johann Kerbrat, the General Manager of Cryptocurrency at Robinhood. When queries concerning Dogecoin support were brought forward, Kerbrat acknowledged that they do plan on adding additional chains and assets, albeit without disclosing which one.
However, Robinhood’s trading app already includes support for the cryptocurrency dogecoin. And, in August 2021, the firm disclosed that Dogecoin (DOGE) was responsible for around 62% of the company’s revenue during the second quarter of 2021. This figure was greater than that of Bitcoin and Ethereum. Also, a few days back, Robinhood also launched Sherwood which is a new media organization that would serve as a source for news and information relevant to financial markets, economics, business, & technology.
Among the other features in the wallet, the app includes further support for exchanging cryptocurrencies without paying the network fees. This is made possible by harnessing the power of Polygon (MATIC), which is an Ethereum sidechain. At the moment, the wallet is capable of supporting about 50 different cryptocurrencies. These include Shiba Inu, Ethereum (ETH), Solana (SOL), and USDC, amongst others.
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