Crypto

Dogecoin Deserves More Credit For Bringing People Into Crypto: Former Robinhood Exec

Soon

  • Christine Brown, former COO of Robinhood Crypto, said decipher that Dogecoin helped buyers overcome the “emotional barrier” of cryptocurrencies.
  • Brown, now COO and co-founder of NFT startup Floor, appeared on the latest episode of Decrypt’s gm podcast.

When cryptocurrency meme doecoin The price skyrocketed at the beginning of last year, going from less than a penny to more than $0.73, the cryptocurrency and stock trading app was one of the biggest beneficiaries: DOGE alone accounted for 34% of cryptocurrency revenue. from Robinhood in the first quarter of 2021.

But the Dogecoin boom eventually went bust, with the long-lived coin now 92% less than its maximum price set in May 2021. And Robinhood, which had warned of the risks associated with such a volatile asset, it received some criticism for being a key destination for trading the dog-themed prankster crypto.

Christine Brown was Robinhood Crypto’s First COO from April 2021 until this past March, and previously vice president of product operations at the fintech startup. During a recent appearance on deciphergm podcastdiscussed what he saw as the broader benefits of Dogecoin’s rise.

“Dogecoin had a moment last year on the Robinhood platform,” said Brown. decipher. “And a lot of people were like, ‘This is a meme coin. Why support it? Why trade it? This is a bad thing for crypto in general.’”

“In fact, I think it has a bad reputation,” he continued, “and in many ways it doesn’t get the credit it deserves for helping people tackle space.”

Brown, now COO of NFT startup Floor, pointed out three barriers to entry to cryptocurrencies: economy, education and emotion. Buying cryptocurrency requires money, of course, and there is risk associated with any cryptocurrency, especially volatile meme coins.

In terms of education, onboarding remains one of the biggest challenges in the crypto space, especially when it comes to handling crypto assets in a self-custody wallet. Robinhood, like Coinbase or FTX exchanges, is an affordable way to start trading without in-depth knowledge of technology. Brown said that education will be an ongoing part of mainstreaming crypto.

“Some of this will be informational, and some of this will become products that will evolve in this space over time,” he said, “where you really lower the barrier to entry from an educational perspective because you drive it from a product perspective.”

Ultimately, Brown believes the “emotional barrier” is the “big” of the three, as potential investors can be held back by questions about whether they can really understand the space and whether they should be handling crypto. Dogecoin, in his opinion, added layers of fun and accessibility to help alleviate those concerns for some buyers.

“Dogecoin, at the time, made it easy for people to say, ‘Yeah, this is for me. It’s a coin with a dog on it, and I can start with $1, and I can try it out and see what happens, dip my toe in it, and go from there.’”

Brown’s new startup, Floor, focuses on NFT collectibles Potential members can purchase an NFT as a platform access pass, allowing users to view all of their NFT holdings and view changes in valuation. Flat recently raised $8 million in seed funding, and plans to eventually offer non-token-gated features.

As much as Dogecoin helped introduce the world of crypto to a new audience, Brown believes NFTs can do the same. An NFT functions as proof of ownership of an item, and popular use cases include digital items such as artwork, collectibles, and video game items.

There is rampant speculation surrounding some tokenized collectibles, which has fueled the sale of some NFTs in tens of millions of dollars, but they can also have utility, such as serving as an access pass to a community, a ticket to an event, or a deed to a physical item. The wide range of possible use cases could make them another accessible gateway to cryptocurrencies, Brown said.

“I think in many ways NFTs are that,” he said, “but in a much grander and bigger scheme, because it has more use cases beyond just financial speculation.”

Do you want to be a crypto expert? Get the best of Decrypt straight to your inbox.

Get the biggest crypto news stories + weekly recaps and more!

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button