By
Steve Muchoki
April 16th, 2024
Financial services mobile app Robinhood has added support for a peer-to-peer digital currency called Dogecoin (DOGE) on its Robinhood Crypto Platform.
As it was announced yesterday, the California-based fintech firm Robinhood will be listing Dogecoin (DO)GE) on its quickly growing feeless crypto mobile app. This news came just after it was revealed that Robinhood will add support for Litecoin and Bitcoin Cash on its Robinhood Crypto platform.
A peer-to-peer digital currency known as DOGE was launced as a parody on a dog meme based on a real Japanese Shiba Inu named Kabosu. The coin was introduced to the market a little bit less than 5 years ago, in December 2013.
Despite the fact that many critics consider this coin to be nothing but a joke, according to CoinMarketCap, the coin has a market capitalization of $331 million. And now it is traded for $0.0028 having gained more than 15% over the last 24 hours.
Nevertheless, there are several reasons to pay attention to Dogecoin. From the technical point of view, it is very similar to a majority of the mature cryptocurrecies. It enables its holders to easily send money online. It is an open-source payment-centric digital currency with a focus on low fees for micropayments mainly used in e-commerce.
Moreover, Dogecoin can be proud of community’s support that is one of the strongest in the whole crypto industry. Among Reddit users there are nearly 120,000 Dogecoin supporters that have worked hard over the several months with a view to get the support of Robinhood.
Together with these newly supported coins, users of Robinhood platform now have an opportunity to invest in five different cryptocurrencies: Bitcoin, Ethereum, Litecoin, Bitcoin Cash and Dogecoin.
Taking into consideration all the above-mentioned facts, it is quite obvious that Robinhood is not going to stop at this very point. It has great expanding plans.
Seeing skyrocketing interest in the industry, the company took a decision to launch its Crypto app in February. Quite quickly thousands of users began downloading the app.
Currently, the company is actively working on making Robinhood Crypto available to the widest audience possible. Though initially only users from California, Massachusetts, Missouri, Montana and New Hampshire could enjoy crypto trading without any extra fees, now the platform is available in 17 U.S. states.
Last month, it was informed that Robinhood is leading a constructive dialogue with the U.S. Office of the Comptroller of the Currency (OCC) on the issue of obtaining a license which will allow it to provide banking services.
According to some sources familiar with the matter that decided to stay unnamed, Robinhood is seriously planning to provide it users with such financial services as savings accounts. The company wants to surpass traditional banking organizations through offering better interest rates and a one-stop financial service portal.
Moreover, there are even some rumors that Robinhood is developing its own wallet. Nevertheless, there is no official information on this issue.