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The wallet was recently rolled out to over 1 million users on the waitlist but came without initial support for Dogecoin.
Robinhood, a prominent American finance broker, has noted that it is “hard at work” on supporting Dogecoin (DOGE) on its recently-released crypto Wallet after launching the platform without support for the meme coin. Several proponents had questioned the absence of the asset.
The recent disclosure from Robinhood came as a response to an inquiry made on the matter by Doge Whisperer, an anonymous Dogecoin influencer. The individual revealed that they are among the 1M+ users with early access to the Wallet, lauding its sleek and user-friendly interface. Nonetheless, they were disappointed in the fact that it doesn’t support DOGE, asking when users should expect the asset’s integration.
In response, the official Robinhood Twitter handle revealed that they are “hard at work” on including support for Dogecoin. The announcement has been received well by the DOGE community, especially following the recent wave of questions on the matter.
Don't worry, we're hard at work on supporting Doge #RobinhoodWallet https://t.co/Hu1Be7EGrT
— Robinhood (@RobinhoodApp) January 20, 2023
The official response is in sync with previous remarks from Johann Kerbrat, Crypto General Manager at Robinhood. Though vaguely, Kerbrat had disclosed yesterday that they do plan on adding more chains and assets when questions about Dogecoin support were raised.
We are adding more chains as we speak. Stay tuned!
— Johann Kerbrat (@JohannKerbrat) January 19, 2023
Recall that Robinhood launched the crypto mobile wallet yesterday, with support for the Polygon and Ethereum networks. Despite integrating over 50+ ERC-20 tokens, the wallet came without DOGE support at launch, triggering questions, especially considering Dogecoin’s massive popularity amongst crypto investors and its past history with Robinhood.
Robinhood’s Relationship with Dogecoin
It bears mentioning that Robinhood already supports Dogecoin in its broader ecosystem. Interestingly enough, in August 2021, Robinhood revealed that DOGE accounted for about 62% of its revenue in cryptocurrency in the second quarter of 2021, higher than Bitcoin (BTC) and Ethereum (ETH).
Furthermore, in April of 2021, Robinhood directed an official announcement to the Dogecoin community right at the peak of DOGE euphoria. The announcement came up after the platform witnessed a strain on its trading systems following a massive surge of DOGE traders. In an SEC filing dated July 2021, Robinhood also disclosed that its cryptocurrency unit relies heavily on DOGE.