Robinhood Announces Its Users To Gift Crypto Over The Holiday Season
Robinhood, the trading app, has announced that its users will be able to gift friends and family crypto over the holiday season.
It has been reported that Robinhood said its users, with the exception of those in Hawaii and Nevada, could send as little as $1 in Bitcoin (BTC) or six other cryptocurrencies with a personalized digital card starting on December 22.
However, to ensure the crypto is not lost by a recipient unwilling or unable to use it, the trading app has set up a 14-day window to accept the gift, at which point the user will not be charged.
Christine Brown, the COO and Lead of Robinhood Crypto, said:
"Crypto gifting is a great way for our customers to help remove the emotional and economic barrier of their friends and family taking their first step into crypto. It is also an easy and immediate gift for those that are already crypto fans."
The report said that Robinhood’s offering is similar to those currently offered by Block, formerly Square, in addition to PayPal and Coinbase. It’s unclear if the trading app intends to make the crypto gift-giving feature available after the holidays.
Likewise, a report said that many Americans would be willing to accept cryptocurrencies including BTC, Ether (ETH), and Dogecoin (DOGE) as gifts this holiday season. The same survey revealed that the majority of respondents did not have the skills to transfer crypto.
With more than 22 million users, Robinhood is currently testing its digital wallet feature expected to launch for all customers in early 2022.
Thus, the share price of Robinhood (HOOD) has steadily declined from an all-time high of $70.39 on August 4 to $18.16, as of December 16, a drop of around 74% since going public on the Nasdaq in July.