Robinhood Welcomes Bitcoin and Dogecoin to its Crypto Wallet

Robinhood Markets Inc., the prominent US fintech firm, has taken a bold step in the world of cryptocurrency by introducing support for Bitcoin [BTC] and Dogecoin [DOGE] within its digital wallet. This move signifies a significant expansion of its wallet’s capabilities, going beyond its initial focus on the Ethereum ecosystem.

With this addition, Robinhood’s crypto wallet now allows all users to send and receive both BTC and DOGE, as highlighted in a recent company statement. Earlier, the platform’s offering was limited to handling Ether, similar to Metamask. The platform’s crypto wallet has gained tremendous traction after just six months of its launch, commanding a user base of hundreds of thousands spanning across 140 countries.

Therefore, the inclusion of two of the most well-known cryptocurrencies into its fold is a a strategic move in a bid to attract more customers who desire more diverse range of assets across various blockchain networks

Furthermore, Robinhood is incorporating another layer of versatility by introducing swap features for a select group of users. Demonstrating the platform’s commitment to offering comprehensive crypto services, this feature facilitates the trading of Ether for more than 200 different assets. Interestingly, the wallet is also engineered to accommodate gas fees, the costs associated with Ethereum transactions, which can now be paid in any token held by the user, rather than being limited to Ether alone.

While these advancements are already underway, the broader user base can look forward to gaining access to the swap feature in the coming weeks, as announced by Robinhood. As the company continues to evolve its crypto wallet, the financial technology industry is witnessing an innovative leap that aims to make diverse cryptocurrency transactions more accessible and seamless than ever before.

The development comes amid a tough time for the firm, whose earnings from cryptocurrency transactions have plunged by 18% in the second quarter, according to a recent report. This reduction can be attributed partly to a decrease in the number of customers engaging in trade.

Robinhood’s Q2 Report

The earnings report highlights a drop in revenue related to crypto activities to $31 million, down from the $38 million reported in the previous quarter. Additionally, there’s a noted 6% reduction in the number of customers participating in trading, along with a 15% decrease in notional volumes per trader.

Despite these obstacles, Robinhood remains resolute in its commitment to enhance its foothold within the cryptocurrency sector. The company is set to launch a non-custodial wallet later this year, a feature aimed at empowering customers by affording them greater authority over their crypto assets.

Lipika Deka: Lipika is a crypto-journalist at TWJ. A graduate in economics and finance, she has a keen interest in the political and socio-economic facets of blockchain technology and the cryptocurrency industry.