FinTech News
Robinhood Introduces Crypto Gift Feature Ahead of the Holidays
Ever since the holiday season began to come into view, supply chain issues have been a major story. With physical goods seeing delays, several retailers and companies have instead put an emphasis on digital gift ideas. Following in that vein, the trading app Robinhood has just rolled out a new feature that will allow users to send cryptocurrency gifts to their friends and family quickly and easily.
According to a blog post from the company, the feature is now available to all Robinhood customers, aside from those in Nevada or Hawaii. Users are able to send as little as one dollar’s worth of any of the cryptocurrencies Robinhood currently supports. This list includes Bitcoin, Ethereum, Dogecoin, Litecoin, Bitcoin Cash, Ethereum Classic, and Bitcoin SV. Along with the crypto itself, users can customize their gift by selecting from several card designs and attaching a written message if they choose to do so. When sending gifts, users will be informed of their current available balance and the app advises customers that they will need to have sufficient funds in order to send their gift. There is no fee for sending Crypto Gifts.
For gift recipients who are already Robinhood users, they’ll be directed to the app to redeem their crypto gift. However, those without accounts will need to open one before claiming their cryptocurrencies. Also of note, Crypto Gifts will need to be accepted within 14 days. Otherwise, the gift will expire and the sender will not be charged.
While Robinhood’s new system is convenient, they’re not the first to make sending cryptocurrency to loved ones simple. For example, the Cash App also allows users to send Bitcoin via the app the same way they would fiat currency (recently, the app also enabled customers to gift bits of stock as well). Additionally, Revolut has a similar feature to Robinhood where account holders can select a card design, a message, and attach a selected cryptocurrency or various fiat currency amounts to their gift.
Overall, Robinhood’s Crypto Gift feature is a smart and easy-to-use option for those looking for last-minute gifts. On that note, the “last minute” aspect begs the question of why the company didn’t look to launch this feature more than three days before Christmas. Nevertheless, this once again shows how Robinhood is continuing to focus on the cryptocurrency market as its path toward expansion amid various controversies and increased competition. Although this feature might not make a big difference to their bottom line or userbase, perhaps it will give some of their fans a way to spread the word and convert others to cryptocurrency enthusiasts.
