Retail brokerage platform Robinhood Markets Inc. HOOD has tested the transfer of meme cryptocurrency Dogecoin DOGE/USD to an external wallet for the first time.
What Happened: Robinhood Chief Operating Officer Christine Brown announced on Twitter that the first alpha transfer of Dogecoin from a Robinhood wallet to an external wallet was done last week.
Brown also shared a screenshot of the transfer of 420.71 dogecoins ($92.55) for a network fee of 0.02 DOGE, adding that transfers between Robinhood wallets or customers will not incur a network fee.
The Dogecoin transfer was appreciated by the meme cryptocurrency’s co-creator Billy Markus, who goes by the username Shibetoshi Nakamoto on Twitter.
Markus described the development as “huge.”
See Also: How To Buy Dogecoin (DOGE)
Why It Matters: Crypto enthusiasts have urged companies like Robinhood to add cryptocurrency wallets. The integration of the long-awaited feature on Robinhood would allow users to store as well as transfer cryptocurrencies.
Brown said earlier this month that Robinhood has 1.6 million people on the waitlist for its cryptocurrency wallets.
Robinhood supports buying and selling for Bitcoin, Bitcoin Cash, Bitcoin SV, Dogecoin, Ethereum, Ethereum Classic, and Litecoin.
Price Action: Robinhood Markets shares closed almost 4% lower in Monday’s trading at $27.84 and further lost 0.1% in the after-hours session to $27.80.
Dogecoin is down almost 1% during the last 24 hours, trading at $0.2200 at press time.
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