The new Robinhood feature allows users to gift cryptocurrency to family and friends
Trading application Robinhood announced a new feature that allows users to gift cryptocurrency to their friends and family. As the holidays are in full bloom, people are scrambling to choose the perfect gift for family and friends this Christmas. This new feature will allow the seamless transfer of encrypted currency from one user to another within the Robinhood app.
Encrypted gift giving becomes easy
Robin Hood Announce Through Thursday’s blog post, it is launching a new feature on its platform. The gift-giving function will allow users to share cryptocurrency with their friends and family through the app. The driving force behind this feature is to encourage holiday shoppers to skip the last-minute queues and pressure to buy worthless gifts after the holiday, and instead use things that appreciate in value such as cryptocurrencies.
Robinhood has become one of the leading trading apps in the United States, with 22 million users in the country. A large group of people are millennials, who are more likely to give away cryptocurrency to their friends and family.
Users can choose from a list of seven cryptocurrencies, they want to give to family and friends, and then send encrypted gifts to them in the app. In addition, users can use their encrypted gifts to send unique designs and personal information to make them more meaningful.
How to give gifts with Robinhood
In the Robinhood app, users can click the “Gift” button and choose from a list of seven cryptocurrencies they want to give away. These include Bitcoin (BTC), Ethereum (ETH) and investors’ favorite Dogecoin (Doge). The next step is to choose the delivery method for the user. This can be via text or email, and the recipient will get a link to redeem the gift.
After sending the encrypted gift, the recipient will have a total of 14 days to redeem it. If they are already Robinhood users, they can redeem gifts within the app. However, if they are not users, they need to register to receive the gift. If 14 days have passed and the recipient does not redeem the gift, the cryptocurrency will be sent back to the sender for free.
Robinhood users can send payments as low as $1 to recipients of their choice and pay a 0% commission when doing so.
Featured image from 9to5Mac, chart from TradingView.com