by Elon Musk, CEO of Tesla company, is of the opinion that Robinhood wallets have the potential of being a significant deal for Dogecoin, considering the fact that the top meme cryptocurrency would no longer be seen as just an unpredictable investment by the users of the top tier online brokerage platform.
Billy Markus, the Dogecoin co-founder, made a tweet that caught the attention of the billionaire CEO. In the tweet, he made mention that the Flagship canine cryptocurrency is now suitable for use in the aspect of tipping, trading, and several purposes, considering that RobinHood users will be able to embrace decentralization.
Before then, Markus had given a bit of a pointer to his experience of sending Dogecoin from his Robinhood wallet for the very first time.
RobinHood Begins Beta Test
Reports show that the RobinHood wallet had begun its beta testing phase in late January, thereby permitting some users from its waitlists to withdraw from their private wallets.
The beta testers have been drawn from a waitlist of over a million individuals. They get to have a withdrawal limit of $2,999 daily and are limited to ten transactions in a day. RobinHood has intentions to try out new crypto-related features on it’s app, encompassing finalization of send and receive flows for wallets, the introduction of QR scanning in order to simplify the flow, and the addition of explorer features which provides critical statistics and information regarding transactions related to several crypto blockchains at a glance.
Chief executive officer at Robinhood, Vlad Tenev, has stated in the post on the company’s website that the beta testers would assist them in testing significant functionality and offer critical feedback to reform the final version of the product.
Surfing On The Crypto Wave
The beta test for RobinHood crypto wallets is happening at a period when people are changing fortunes for cryptocurrencies. They survived amidst the pandemics threatening environments, moving to higher levels as at when investors were flushed with stimulus money, and interest ratios were nearly zero. Robin Hood also almost doubled the number of accounts on its space and recognized huge interests in revenues.
However, 2022 began with a big blow to the industry, Pulled down by a more significant market sell-off for assets that pose to be risky and the issues of interest rate hikes by the Federal Reserve; the prices for essential coins have gone off by almost 50% from their highs in the previous year
The Menlo Park-based company, during the fourth quarter of 2021, made a record of $48 million in cryptocurrency-related revenue, which flagged a 6% drop in comparison to the third quarter. It is important to note that Dogecoin accounted for a tremendous 40% of the sum mentioned earlier. By the second quarter, Dogecoin was in possession of a 26% share of RobinHood’s total revenue, which hit $565 million.
Enthusiastic memecoin users have been pleading with the popular online trading platform to show a bit of encouragement for Shiba Inu. However, Robin Hood keeps pulling its feet on the much-desired listing.
RobinHood users, as of now, are capable of buying and selling about seven cryptocurrencies. But most of them still do not have access to the withdrawal of coins to third party wallets.
The company revealed during its most recent earnings call that it will begin expansion of cryptocurrency trading internationally by 2022; it claims that the economy possesses high valued potential.
