Robinhood Adds Support For DOGE On Robinhood Crypto Platform
Robinhood, a US-based trading firm, has added support for DOGE (Dogecoin) on its crypto platform, according to an announcement made on its website, July 16.
Dogecoin, a P2P cryptocurrency, first started as a parody “on a dog meme” based on Kabosu, a real Japanese Shiba Inu. The digital currency was first introduced in December 2013 and became highly popular because of the mascot of this coin – Doge, a meme dog. According to Coinmarketcap, Dogecoin currently has a market capitalization of $331Mln. LTC (Litecoin) and BCH (Bitcoin Cash) were also added to Robinhood’s crypto platform last week.
There’s absolutely no limit to how many coins of this currency can be mined, with about 115Bln in circulation, currently. In January this year, DOGE was worth more than the Japanese currency, Yen. It reached a market capitalization of $1Bln the same month.
Robinhood launched zero-fee ETH (Ethereum) and BTC (Bitcoin) trading on its platform in February, for the first batch of its users. The platform now supports trading of five cryptocurrencies and provides real-time data for many other crypto coins, in 17 states.
In June, Bloomberg reported that the US-based trading company is in “constructive talks” with the US OCC (Office of the Comptroller of the Currency) to acquire a banking license. According to some anonymous sources, Robinhood wants to spread its business into financial services like savings accounts and compete against traditional banks by offering a “one-stop portal for financial services” and lucrative interest rates. In the same month, the company became subject to many rumors concerning its job postings for crypto engineers, which led many people to wonder if the company wanted to develop its own crypto wallet.
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