Mark Cuban Calls Robinhood's Dogecoin Withdrawal Policy 'Greatest Inhibitor To Growth'
Billionaire investor, Dallas Mavericks owner, and Dogecoin advocate Mark Cuban has said that the biggest limiting factor to DOGE’s growth is Robinhood’s withdrawal policy.
What Happened: “The greatest inhibitor to its growth is that you can't spend the Doge you buy on Robinhood,” said Cuban in a tweet.
Cuban emphasized that Doge is “the one coin people actually use for transactions,” and as a result, more businesses will start accepting it as a means of payment.
Because Doge is the one coin that people actually use for transactions. We take many others via @BitPay . But people spend their Doge and that means more businesses will start taking it. The greatest inhibitor to it's growth is that you can't spend the Doge you buy on Robinhood https://t.co/TrhT9pYkcb
— Mark Cuban (@mcuban) April 26, 2021
Last month, the Dallas Mavericks began to accept Dogecoin as a means of payments for Mavs tickets and merchandise.
The team partnered with cryptocurrency payment services provider BitPay to enable purchases with DOGE, in addition to several other top cryptocurrencies like BTC, BCH, ETH, USDC, GUSD, PAX, and BUSD.
According to BitPay, Mavs Dogecoin sales have continued to grow, and they are on track to do 6000 Dogecoin transactions in April.
Why It Matters: Robinhood CEO Vlad Tenev responded to Cuban’s comments on Twitter Inc (NYSE: TWTR), saying that they were working on making deposits and withdrawals easier.
“We're working on deposits and withdrawals! Not just for DOGE, but for all coins on Robinhood Crypto,” said Tenev.
Currently, Robinhood users can buy and sell cryptocurrencies through the app but cannot withdraw crypto in order to use it as a means of payment. This means that any Dogecoin holdings on Robinhood are effectively locked away, although Tenev’s comments indicate that this may soon change.
See also: How to Buy Dogecoin (DOGE) on Webull
“As a major crypto platform, our actions need to be systematic, objective and derived from first principles. We’re working on the ability to deposit and withdraw all cryptos. We’ll keep you updated as we progress,” stated Robinhood earlier this year.
Image: Gage Skidmore on Wikimedia Commons
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