Elon Musk, the CEO of Tesla, feels that Robinhood wallets will be a significant issue for Dogecoin since the top meme cryptocurrency will no longer be considered as a speculative investment by Robinhood consumers.
Dogecoin co-founder Billy Markus noted in a tweet that got the billionaire’s notice that the flagship canine cryptocurrency may now be used for tipping, trading, and other uses now that users will be allowed to embrace decentralization.
Markus has previously revealed his first experience transmitting Dogecoin from his Robinhood wallet.
In late January, Robinhood began beta testing its wallets, allowing some of its waiting members 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 percent decrease from the third quarter. Dogecoin, in particular, accounted for a whopping 40 percent of the total.
Dogecoin accounted for 26% of Robinhood’s overall income in the second quarter, which totaled $565 million.
Memecoin-hungry users have been pleading with the popular online trading site to include Shiba Inu support. Robinhood, on the other hand, continues to sag on the much-coveted listing.
Users of Robinhood can currently purchase and sell seven different cryptocurrencies. The majority of them, however, are still unable to withdraw funds to third-party wallets.
The company also said during its most recent earnings call that it would begin extending bitcoin trading globally in 2022, arguing that the crypto economy has enormous potential.
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