In the spirit of the holidays, Robinhood trading app is launching a new feature that allows gifting of cryptocurrencies through its platform, this feature is believed to help newbies “take the first step” in the crypto space.
Robinhood, a cryptocurrency trading app, has announced that its customers will be able to give bitcoin to friends and family throughout the holiday season.
With the exception of Hawaii and Nevada, Robinhood users will be able to transmit as little as $1 in Bitcoin (BTC) or six other cryptocurrencies using a unique digital card starting on December 22.
The trading software has set up a 14-day window to accept the gift, after which the user will not be charged, to guarantee the crypto is not lost by a receiver unwilling or unable to use it.
“Crypto gifting is a terrific method for our clients to assist reduce the emotional and financial barriers that their friends and family have when they take their initial steps into crypto,” Christine Brown, Robinhood Crypto COO and Lead, said. “For those who are already crypto enthusiasts, it is also a simple and instant gift.”
Robinhood’s services are comparable to those provided by Block, previously Square, as well as PayPal and Coinbase. It’s unclear whether the cryptocurrency gifting tool will be available after the holidays.
A study by loan business BlockFi found that many Americans would accept cryptocurrencies such as Bitcoin (BTC), Ether (ETH), and Dogecoin (DOGE) as gifts this holiday season. The same study, however, found that the majority of respondents lacked the ability to transfer cryptocurrency.
Robinhood, which has more than 22 million users, is now developing a digital wallet function that will be available to all consumers in early 2022.
The share price of Robinhood (HOOD) has progressively plummeted since coming public on the Nasdaq in July, from an all-time high of $70.39 on Aug. 4 to $18.16 at the time of publication, a reduction of about 74 percent.
