Dogecoin (DOGE) creates dangers to its company Robinhood claims

App for online trade Robinhood has demonstrated that a significant decrease in the demand for the DOGE may represent a danger to their company.

The firm indicated that a substantial percentage of its sales for the first quarter of 2021 was due to strong demand for Dogecoin transactions in its initial public offer (IPO) securities registration form filed with the Securities and Exchange Commission (SEC) on Thursday.

The zero-commission trading software now enables seven crypto currencies, including Bitcoin (BTC) and Ethereum, to be purchased and sold (ETH). However, the paper indicates that the Shiba Inu-themed crypto-asset produced 34% of the company's crypto-currency transaction income.

The firm also earns 17% of its total revenues for the first 3 months of the year, representing a huge increase of merely 4% over the last 3 months of 2020.

DOGE and developing crypto-industry adverse impacts 

Robinhood cautioned that fluctuations in the DOGE market might adversely affect its business with Dogecoin's considerable contribution to generating the Company's income.

"Much of the recent rise in our cryptocurrency transactions' net sales is attributed to Dogecoin transactions. If demand for Dogecoin transactions falls and is not replaced by fresh demand for other cryptocurrencies accessible on our platform, it might be unfavorable to us in terms of business, financial conditions and results.

It also pointed to the continuing development of the crypto sector and the developments that might have influence on its operations in the laws and regulations.

"These rules and regulations are complicated and can be challenged by the relevant regulators in our interpretation of them. It is hard to anticipate with precision future regulatory changes. Changes or non-fulfillment of laws and regulations might severely affect our abilité to enable clients in future to purchase, store and sell cryptocurrencies with us and have a significant and negative impact on our operation."

Proceedings and inquiries

At present, Robinhood is faced with dozens of class action and investigations suggested. The IPO filing also disclosed that, as part of a GameStop trade inquiry, federal officials confiscated the phone of its CEO Vlad Tenev.

The firm stopped trading in GameStop, since the company did not have the cash to cover the minimum trading volume in January. As a result, investors lodged proceedings alleging that the conduct was unjust and illegitimate.


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