Robinhood allows US residents to give cryptocurrency as gifts over the holidays
The trading app recommended that giving bitcoin this holiday season might assist newcomers in “taking the initial step” and facilitate intriguing dinner table talks in the future.
Robinhood, a cryptocurrency trading app, has announced that users will be able to give cryptocurrency to friends and family throughout the Christmas season.
Robinhood said Thursday that, beginning Dec. 22, its customers — with the exception of those in Hawaii and Nevada — would be able to transmit as little as $1 in Bitcoin (BTC) or six other cryptocurrencies via a unique digital card. To prevent the crypto from being lost by a receiver who is unwilling or unable to utilise it, the trading app has established a 14-day window during which the recipient will not be charged.
“Crypto gifting is an excellent approach for our clients to assist their friends and family members in taking their initial steps into cryptocurrency,” Robinhood Crypto COO and Lead Christine Brown told Cointelegraph. “It’s also a convenient and instant present for individuals who are already cryptocurrency enthusiasts.”
Robinhood’s product is comparable to that of Block, previously Square, as well as PayPal and Coinbase. It is unknown if the trading software would continue to provide the bitcoin gifting function after the holidays.
On Dec. 7, Cointelegraph reported that a poll conducted by loan business BlockFi revealed that many Americans would accept cryptocurrencies such as Bitcoin (BTC), Ether (ETH), and Dogecoin (DOGE) as presents this Christmas season. However, the same poll discovered that the majority of respondents lacked the necessary abilities for crypto transfer.
Robinhood, which has over 22 million members, is now developing a digital wallet function that will be available to all consumers in early 2022. Since coming public on the Nasdaq in July, Robinhood’s (HOOD) share price has slowly plummeted from an all-time high of $70.39 on Aug. 4 to $18.16 at the time of publishing, a nearly 74% loss.