Attention Dogecoin users! Robinhood’s newly updated self-custody wallet terms might cook up a new storm among meme coin enthusiasts who value privacy. Under the new policy update, Robinhood mentions that users provide “irrevocable consent to such monitoring.” This clause has raised questions about how private users’ transactions truly are, as under the new approach, platforms can gain access to users’ buying, selling, and trading habits.
‘Dogecoin Get your Doge off of exchanges and consider their privacy agreements if you use their wallets. Consider a cold storage wallet if you are hodling Ðogecoin.”
DOGE lead developer Mishaboar has shed light on the practice, saying it’s not limited to Robinhood. Even Coinbase has implemented similar features with their wallets, which integrate with various DeFi platforms across numerous chains, thereby expanding their capability to track user activities. However, with Robinhood’s recent forays into the crypto space, highlighted by its integration with Uniswap through Robinhood Connect, the scope for data tracking has broadened even further.
The main difference here is that Coinbase Wallet currently allows trading across many DeFi platforms and chains (including Coinbase’s Base) so the amount of data it can track and potentially link is more vast. Other wallet apps also include ubiquitous tracking, which you can sometimes disable in the settings of the app. Anyhow self-custodial wallets developed by exchanges – even more so when you link your wallet to your exchange account – are blatantly much more problematic when it comes to privacy. Just fully understand that self-custody != privacy, and remember to read the Terms of Services. Always.
Dogecoin Holders, Take Note
The developer also stated that most wallet apps also include ubiquitous tracking, which can be turned off in the app’s settings. But the underlying motive remains the same, i.e., data collection. This raises an important red flag for Dogecoin holders: owning the app’s keys to your wallet doesn’t necessarily shield you from prying eyes, he wrote.
For the spirited Dogecoin community that thrives on spontaneity and a dash of rebellion, the key takeaway from this development is clear: while self-custody suggests control, it does not guarantee privacy. Always read the Terms of Service meticulously before you leap into using these platforms.