Traders to swap DOGE on Robinhood without network fees


The stock trading site Robinhood has announced that its new noncustodial “Robinhood 3” wallet would enable users to keep the private keys to their cryptocurrencies, generate yield, and trade or exchange crypto, including NFTs, without incurring network fees. It also promised that transactions would be commission-free.

With the new digital Web3 wallet, users will be able to store and link their NFTs to online markets for the first time. When Robinhood opens, it will face stiff competition from Coinbase and other start-ups. A queue for the new wallet will be formed by Robinhood before it becomes accessible globally.

Revenue at Robinhood fell 43 percent year-over-year in the three months ended March 31 compared to the same period in 2013. Since coming public in August, the company’s stock price has fallen by more than 70%, and it is currently more than 88 percent below its all-time high.

New cryptocurrency features and longer stock trading hours have been introduced to Robinhood in an attempt to increase income, as well as user growth. An early version of the crypto wallet, which was made accessible to customers in April, will continue to be available on the Core Robinhood app.

NFTs and Ethereum-based services are now supported in Robinhood’s new wallet, which was previously only available to those who have a Robinhood account (non-fungible tokens). Other assets including Dogecoin, Ether, Ether Classic and Litecoin were similarly restricted to this wallet’s capabilities.

An account devoted to DOGE transactions claims Robinhood is still holding Dogecoin for its customers. @DogeWhaleAlert just tweeted that Robinhood presently has 41,051,656,733 Dogecoins in its database and is currently worth $3,654,582,689. This is also a remarkable 30.94 percent of the circulating supply of the top meme cryptocurrency.

There are eight known digital addresses associated with the Dogecoin assets, which are stored in two wallets: 3334959 and 1699275.

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