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Robinhood completes first external transfer with Dogecoin, No Shiba Inu yet

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TL;DR Breakdown:

  • Robinhood successfully completed a test transfer from their soon-to-launch wallet using Dogecoin.
  • The wallet will enable users to deposit and withdrawal cryptocurrencies from the platform. 

The Robinhood crypto wallet is nearing public release. On Monday, the Crypto CCO for the company, Christine Brown, tweeted that they successfully conducted an external transfer through their digital currency wallet, which has been in the making for months now. Interestingly, this first alpha transfer from the wallet was made using Dogecoin (DOGE). 

Robinhood first external transfer in Dogecoin

According to Brown, it cost them about 0.02 DOGE (just $0.005) to transfer 420.69 DOGE from the wallet to an external address, which is incredibly cheap. Except for the transfers within Robinhood, the users will be charged for transactions to external addresses, which is basically the network fees that go to the miners that validate transactions. 

This development apparently shows that the Robinhood crypto wallet will soon be launched, although Brown didn’t disclose the exact date. The retail trading app began supporting Bitcoin and Ether only back in 2018 but recently added Dogecoin to the list. Since then, users can buy and sell but cannot withdrawal or deposit. 

Once launched, users on the platform will start sending and receiving coins to and from other platforms. As of November 9, about 1.6 million people registered on the waitlist. 

No SHIB yet

Brown didn’t provide any update on Shiba Inu (SHIB), despite the community has been actively trying to engage the company to list the meme token on its trading platform. So far, about 538,485 people have signed the petition for SHIB to be supported on the trading platform.

Although it’s uncertain when SHIB will start trading on Robinhood, the token has continued to score support from several other platforms. Recently, Gemini and Binance.US listed SHIB/USD pair. Additionally, the token is now used as payment currency on AMC Theatres, and potentially on electronics marketplace, Newegg. 

Ibiam Wayas

Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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