Trading platform Robinhood is creating a cryptocurrency gifting platform that will allow customers to send bitcoin, dogecoin, ether, bitcoin cash, and litecoin to friends and family. Gifts are commission-free, just like crypto trading, and users can send as little as $1 in cryptocurrency.
Robinhood Crypto’s Cryptocurrency Gifts Program is set to debut on Thursday, according to the company.
Users can provide as little as $1 in bitcoin, according to Robinhood’s website, with the fund taking 3-5 days to settle. Gifts are commission-free, just like crypto trading, Robinhood said, adding that once you’ve created your one-of-a-kind gift, you can send it immediately to your special someone via a unique URL that will be sent directly to their mobile
The cryptocurrency gifting service is set to debut on December 22. However, according to Robinhood’s website, crypto gifts are not available in Nevada or Hawaii.
According to Robinhood, once the sender has picked and confirmed the desired sum and cryptocurrency, the sender is solely accountable for providing the receiver with a link to accept the gift.
Bitcoin (BTC), ether (ETH), and dogecoin (DOGE) are among the seven cryptocurrencies that can be sent for as little as $1. The gift cards have unique patterns and may be personalized with a message. There is no charge for sending cryptocurrency as a gift.
The receiver has 14 days to accept the gift after it is received. If it isn’t approved, the funds are returned to the sender. The gift will be delivered to the recipient via the Robinhood app if they are a customer. If they aren’t already a member, they can create one and then claim it.
Bitcoin (BTC), bitcoin cash (BCH), bitcoin sv (BSV), dogecoin (DOGE), ethereum (ETH), ethereum classic (ETC), and litecoin (LTC) are presently supported by Robinhood Crypto for buying, trading, and real-time market data.
Supporters of the meme cryptocurrency Shiba Inu have petitioned Robinhood to list SHIB on Change.org. Robinhood, on the other hand, has previously stated that it has no plans to launch another cryptocurrency.
Christine Brown, Robinhood Crypto Chief Operating Officer, wrote in an email:
“Crypto gifting is terrific method for our users to assist remove the emotional and financial barriers that their friends and family face when taking their initial steps into crypto. For those who are already crypto enthusiasts, it is also a simple and instant gift.”
While some may find a crypto Christmas strange, an increasing number of people are including it in their gift-giving arsenal. According to a survey conducted by BlockFi, one out of every ten Americans plans to give crypto to a loved one this holiday season.
Robinhood isn’t doing this solely to enhance Bitcoin’s value. Crypto trading commissions are a rapidly rising source of revenue for the company.
Litecoin is a different sort of cryptocurrency. Users will be able to gift on Robinhood, but it’s unclear whether the popular Shiba Inu coin will be included. Other giftable coins were not listed on the trade service.
The company made $267 million in transaction-based earnings in the third quarter, with $51 million originating from cryptocurrency trading. Furthermore, dogecoin transactions accounted for 40% of its cryptocurrency transaction-based earnings for the three months ended September 30.
Chainalysis revealed earlier this week that it had worked with Robinhood to improve the trading platform’s compliance ahead of the launch of its crypto wallet.