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The fervor around Dogecoin has generated big revenues for the Robinhood stock trading app, and the company announced on Wednesday that it was sinking deeper into the crypto rabbit hole, sharing that it would soon begin testing. crypto wallets for its users.
The crypto wallets, which Robinhood says it will start rolling out next month over time for users on its waitlist, will allow users to exchange, send and receive crypto tokens in the app. . The update brings Robinhood a feature often requested by crypto users and takes the app deeper into the crypto ecosystem. Users had previously been able to buy and sell a few cryptocurrencies, including Dogecoin and Bitcoin, but were unable to send those coins to external wallets or receive them from elsewhere.
This move will open Robinhood to many opportunities in the crypto space that rivals like Coinbase have been able to capitalize on. This simultaneously pushed the company into an area with even more regulatory obscurity. This week, Coinbase scrapped a long-planned loan product after the SEC threatened to sue the company.
2020 and 2021 were landmark years for the cryptocurrency world, with coins bouncing up and down throughout the period, but reaching much higher gains overall. Coinmarketcap estimates the global cryptocurrency market capitalization to be just under $ 2,000 billion.
Investors appear bullish that as the company leans deeper into the crypto space, Robinhood’s stock has risen more than 10% in trading today.
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