Top-Bought Cryptocurrencies on Robinhood: Bitcoin, Ethereum, and Dogecoin

Speaking at the Bitcoin 2022 conference in Miami recently, Robinhood Chief Product Officer Aparna Chennapragada said that Bitcoin is the most purchased asset for the company so far this year. Chennapragada stated in his presentation that Bitcoin is the most purchased asset, without giving any figures.

This information shared by Robinhood, which has revolutionized zero commission transactions and whose client base is 50% new investors, is a strong market signal that shows people's faith in Bictoin.

But Bitcoin isn't the only one among the bestsellers on the Robinhood platform. Apple shares are in the 2nd place among the best sellers of the platform after Bitcoin, while Ethereum is in the 3rd place.

Also in the top 10 is Dogecoin, the apple of the eye of Tesla CEO Elon Musk. Elon Musk recently bought Twitter shares and entered the board of directors. In a tweet he made today, Musk made a statement on Twitter that they can get paid with Dogecoin. On top of that, Dogecoin increased by 5% on the day.

Chennapragada added a few more important announcements to his presentation at the conference.

First, the +2 million customers on the Robinhood waiting list were given full functionality for external crypto transfers. This feature may not be of much interest to novice traders who are not interested in sending and receiving bitcoins to external wallets, but it has been a long-awaited feature for seasoned crypto traders.

Finally, Robinhood's plans to integrate the Bitcoin Lightning Network into its platform were also mentioned. Lightning is a decentralized layer on the Bitcoin mainnet that can be used to facilitate cheap and instant payments. While not widely available, Lightning has recently started collaborating with companies like Cash App, payment processor BitPay, and major crypto exchange Kraken. It was announced in the past days that the future of stable coin transfers to the Lightning network will come. In addition, the LN is also used to facilitate Bitcoin payments in El Salvador, which was the first country to adopt Bitcoin as a legal currency last year.

Community Sentiments

Live Comments