Elon Musk Believes Robinhood Wallets Are A Huge Deal For Dogecoin

Alex Dovbnya

Robinhood’s New Feature Will Help Dogecoin Holders Embrace Decentralization, According to Co-Founder Billy Markus

Tesla CEO Elon Musk believes that Robinhood wallets will be a huge deal for Dogecoin as the best meme cryptocurrency will no longer be seen as a mere speculative investment by the users of the leading online brokerage platform.

In the tweet that caught the centibillionaire’s attention, Dogecoin co-founder Billy Markus explained that the flagship canine cryptocurrency can now be used for tipping, trading and other purposes as Robinhood users can embrace decentralization.

Before that, Markus shared his experience sending Dogecoin from his Robinhood wallet for the first time.

As reported by U.Today, Robinhood entered the beta testing phase of its wallets in late January, allowing some users on the waiting list to withdraw funds into their own wallets.

In the fourth quarter of 2021, the Menlo Park-based company posted $48 million in cryptocurrency-related revenue, which was a 6% decline compared to the third quarter. Dogecoin, in particular, accounted for an impressive 40% of the aforementioned amount.

In the second quarter, Dogecoin had a 26% share of Robinhood’s total revenue, reaching $565 million.

Memecoin thirsty users are begging the popular online trading platform to add support for Shiba Inu. Robinhood, however, continues to drag its feet on the coveted list.

As of now, Robinhood users can buy and sell seven cryptocurrencies. However, most of them still cannot withdraw coins in third-party wallets.

During its most recent earnings call, the company also revealed that it would expand cryptocurrency trading internationally in 2022, claiming that the crypto economy has “huge potential”.

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