Robinhood Plans To Offer New Cryptocurrency Services To Its Clients

The chief executive officer (CEO) of Robinhood, Vlad Tenev, stated that the firm is seeking to provide consumers with more services regarding crypto-like digital wallets. Nonetheless, he did not mention any specific details about the exact or approximate time for these advancements.

Is Robinhood broadening its crypto range?

Robinhood, an American organization providing financial services, is arranging to offer additional crypto options to customers ranging up to 18 million. In a previous public roadshow, it was confirmed by its CEO that the news about the company was true, and he marked digital assets to be credited for the future of the company. He added that increasing demand for crypto wallets had been shown by the clients; thus, the firm would attempt to achieve the target.

Tenev pointed out that the customers could anticipate the issuance of the digital wallets in the future; however, he did not give an adequate timeline for the program. In this regard, not many months ago, Vlad affirmed that the firm would inaugurate the service as soon as possible.

Moreover, some additional offerings would also be included in the provided application for the retail investments. Presently, the clients are not capable of transferring virtual assets out of and into their accounts if they are not provided with any assistance from an exchange of cryptocurrency. It was assured by Tenev that the company would settle this issue and would closely observe each additional step to ensure security.

Robinhood customers are more interested in DOGE

It has been announced by the company’s application (which is anticipated to be uncovered to the public this Thursday) that the 34% of the total trading revenue of the organization is occupied by Dogecoin (a famous meme coin). At the start of the current month, the firm reported that an increase of 4% is coming in the revenue regarding cryptocurrencies, and 30% of this would be in DOGE.

Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), and other such coins have been beaten by Dogecoin (a Shiba-Inu-inspired currency). However, the authorities of the firm have indicated that trading in DOGE was so significant that its probable future decline could impact the company in a highly negative manner.

Generally, the cumulative revenue regarding the cryptocurrencies spiked over 300% year after year from the previous position of $128M to the current state of $552M.

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