Gifting cryptocurrency this holiday season, as per the trading app, could support newcomers in "taking the first step" and lead to intriguing dinner table discussions in the future.
The trading app Robinhood has revealed that over the holiday season users will be enabled to gift crypto to family and friends.
Apart from Hawaii and Nevada, Robinhood users will be able to send little enough as $1 in Bitcoin (BTC) or six other cryptocurrencies using a personalised digital card commencing Dec. 22. The trading app has set a 14-day window to accept the gift, after which the user will not be charged, to assure the crypto is not lost by a recipient reluctant or unable to utilise it.
"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," Christine Brown, Robinhood Crypto COO and Lead said."It is also an easy and immediate gift for those that are already crypto fans."
Robinhood's services are comparable to those offered by Block, previously Square, as well as PayPal and Coinbase. It's uncertain whether the crypto gifting feature will be accessible after the holidays.
According to research by lending firm BlockFi revealed that many Americans would accept cryptocurrencies such as Bitcoin (BTC), Ether (ETH), and Dogecoin (DOGE) as gifts this holiday season. The same research, though, discovered that the majority of people cannot transfer crypto.
Robinhood, which has more than 22 million users, is now developing a digital wallet feature that will be available to all users in early 2022. The share price of Robinhood (HOOD) has gradually dropped since going public on the Nasdaq in July, from an all-time high of $70.39 on Aug. 4 to $18.16 recently, a fall of about 74 %.