Robinhood, a popular mobile trading app, recently announced to launch cryptocurrency gift services.
Robinhood is a crypto and stock trading app that has recently added a new feature to its suite of services. The feature allows users to gift digital currencies such as bitcoin, litecoin, and ether to friends and family. The option will be available to all platform customers starting December 22 (except those from the state of Nevada and Hawaii, where Robinhood Crypto service is not available at all).
If you want to give your family a gift, you’ll be able to send them up to $1 in one of seven different types of cryptocurrency. These include bitcoin, ether, and dogecoin (DOGE). Gift cards should have unique patterns and come with a note written by the person who gave them to the person they are for. The company does not charge a fee for providing someone with cryptocurrency.
The recipient has 14 days to take up the gift. If the gift is not acknowledged, the virtual currency is return to the person who sent them. When the receiver is an existing Robinhood customer, they’ll be given a gift through the application. If not, the recipient can create an account and pick any cryptocurrency they wish to use.
Giving cryptocurrency as a gift is an excellent method for our clients to eliminate the economic and emotional hurdles for their families and friends who are making their first steps into the global market.Christine Brown, chief operating officer of Robinhood Crypto, told the media.
Bloomberg first published a report on the possibility of using digital currencies within the application in the last week. Journalists speculated on the possibility from the code that was visible on the first beta of the iPhone application.
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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.