Binance isn’t the Dogecoin whale – and it looks like Robinhood isn’t, either


The chief executive of Binance has denied that the cryptocurrency exchange is the mysterious “Big Doge” that owns 28 per cent of the total supply of the meme coin — a whopping US$17.5 billion worth.

Binance chief executive Changpeng “CZ” Zhao tweeted at Elon Musk over the weekend that he seriously doubts that another exchange owns the wallet, as well.

Speculation had focused on investing company Robinhood as the wallet owner, following an article in Bloomberg News in February.

But Robinhood CEO Vlad Tenev and crypto COO Christine Brown seemed to cast cold water on that possibility earlier this month in a “fireside chat”, emphasising that Robinhood only held coins for its customers and didn’t invest in cryptos on its own. (They wouldn’t comment directly on the huge wallet).

While Robinhood does have millions of users in the United States, it aims at a millennial demographic and the average account balance is only US$240.

Binance is the leading global exchange, with both individual and institutional users around the globe. Yesterday it handled US$64 billion in crypto trades — more than five times the number of the No. 2 exchange, Coinbase Pro.

While Robinhood presumably must have its users’ Dogecoins stashed in a custodial wallet somewhere, it seems likely this wallet is much smaller than the one Binance holds for its customers.

The wallet was also set up in February 2019, while Robinhood began offering Dogecoin trading in July 2018.

Its address is DH5yaieqoZN36fDVciNyRueRGvGLR3mr7L.

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