The community seeks to expand its operations globally. Robinhood, a leading trading platform, added a new feature called ‘Robinhood Connect,’ which will allow its wallet users to access their funds and credentials without opening the native application.
The funds and credentials can be accessed using decentralized finance protocols and applications. The amount can be viewed directly in the Robinhood wallet from Defi applications.
The trading platform has introduced numerous other features, including a home tab, price alerts, and advanced charts where customers can manage their portfolios, trace real-time data of cryptocurrencies, and stop or limit orders.
The General Manager of Robinhood, Johann Kerbrat, highlighted in the official press release that “Web3 and Crypto have the power to transform the current financial system fully, but there are still some barriers that prevent broader adoption,” he added, “Robinhood conviction in the Future of Web3 remains strong.”
Johann believes that the newly launched feature will enhance users’ interactions with crypto and increase usability and accessibility and further claims to develop Robinhood as the lowest fee charging and an easy on-ramp to crypto.” The community claims that the recently launched features will portray Robinhood as the industry’s most trusted, cost-friendly, and easy-to-use protocol.
Is Robinhood the Largest Dogecoin Holder?
According to Whale Alert, Robinhood Application holds around 24.19% of the total circulating supply of the meme coin on behalf of their customers. Robinhood has approximately 33,562,118,427 DOGE worth $293603680.63 per the exchange rate (at the time of writing). According to CoinMarketCap, the total supply of Dogecoin is 138,770,656,384 DOGE.
Dogecoin adoption is rising rapidly. There are over 30+ businesses that accept DOGE payments. In 2022, Tesla and SpaceX of centi-billionaire Elon Musk declared that customers could buy several Tesla products using Dogecoin.
According to Crunchbase, Robinhood has raised $6.2 billion in twenty-eight rounds, with the largest share of funds coming from Emergent Fidelity Technologies, Ribbit Capital, IVP, TSG Consumer Partners, and D1 Capital Partners. In October 2021, Robinhood participated in a Quant Pre-Seed Round and invested an undisclosed amount. Some significant acquisitions of Robinhood are Ziglu, Cove Markets, Say, Binc, and MarketSnacks.
On April 14, 2023, Attorney General Matthew Platkin informed media personnel that the state of New Jersey had ordered Robinhood to pay $10.2 million in penalties for operational and technical failures that affected the investors. The co-founders of FTX bought 55 million shares in Robinhood stock, worth $578 million at the current price. The deal happened in May 2022 via Emergent Fidelity Technologies, which had borrowed from Alameda Research, FTX’s sister firm.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
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