Crypto Gifting Made Easy
Robinhood via a blog post on Thursday that it was rolling out a new feature on its platform. The gifting feature would allow users to share crypto with their friends and family through the app. The push behind the feature was encouraging holiday shoppers to instead skip the long lines and pressures of last-minute shopping for gifts that end up worthless after the holidays in favor of something that appreciates in value like cryptocurrencies.Related Reading | Crypto Market Bloodbath Creates Largest Stretch Of Fear Since April Peak
How To Gift With Robinhood
Inside the Robinhood app, users can click the “Gift” button and then choose from a list of seven cryptocurrencies that they want to gift. These include Bitcoin (BTC), Ethereum (ETH), and investor favorite Dogecoin (Doge). Next is to choose the method of delivery for the users. This could either be by text or by email and the recipient will get a link to redeem the gift.Related Reading | FED’s Powell Doesn’t Think Crypto Risks Financial Stability
Once a crypto gift is sent, the recipient will have a total of 14 days to redeem it. If they are already a Robinhood user, they are able to redeem the gift inside of the app. However, if they are not a user, they will need to sign up to claim the gift. If 14 days elapse and the recipient does not redeem the gift, then the crypto is sent back to the sender at no cost. Robinhood users can send as little as $1 to their recipient of choice and pay 0% in commission when they do so.Featured image from 9to5Mac, chart from TradingView.com