Commission-Free Robinhood Platform Adds Dogecoin As Fifth Cryptocurrency Option
Robinhood is an app for trading stocks, and they have just announced their addition of Dogecoin to their platform in a statement on Monday. Dogecoin is considered a parody cryptocurrency, which was created back in 2013. However, it is presently listed as the 44th largest cryptocurrency in the world, and $288 million worth of it is presently in circulation. At its peak, the market cap reached a new height of $2.1 billion, which did not occur until after creator Jackson Palmer had left the project.
— Robinhood (@RobinhoodApp) July 12, 2018
As stated above, Dogecoin is the fifth cryptocurrency to be added to Robinhood, which recently put up its own support for the use of Bitcoin Cash and Litecoin on their brokerage app. These were the first coins added to the project since the launch, which were preceded by Bitcoin and Ethereum. Right now, the Robinhood app has the chance for users to add different crypto assets to a watchlist on their profile, which has up to 11 spots for other tokens.
Unfortunately, since Robinhood Crypto is still a rising platform, only 17 states presently even have it available in their economies. It is possible that this restriction is due to the various state regulations being established. Some reports indicate that the firm is working on their application for a national banking charter, which would supersede state-level regulations. For the moment, they are adapting to the requirements of each state. They also want to get involved with deposits, withdrawals, and transfers in crypto, implying that they eventually want to work as a complete digital wallet.
Even with this announcement, it does not look like dogecoin has managed to increase their price yet. Even though it has risen about 5% from the Sunday before this addition, it typically trades sideways. However, there were five altcoins on Friday that managed to experience a major price increase on the national exchange. These altcoins have peaked Robinhood Crypto’s interest as potentially bringing them into their available tokens listed.
Right now, Robinhood hosts 5 million users, and has been valued at about $5.6 billion. According to company executives, they want to operate as a break-even cryptocurrency trading service for the rest of the future of their company.