The trading app refers to offering cryptocurrency gifts this holiday season, helping newcomers “take the first step” and having fun conversations around the dining table in the future.
Robinhood, a trading app, has announced that it will be offering cryptocurrency gifting options to its customers, thus they will be able to gift friends and family over the holidays.
In a statement on Thursday, Robinhood said its customers can send Bitcoin (BTC) and six other cryptocurrencies to its customers with Hawaii and Nevada as exceptions- using a personalised digital card from December 22. To confirm the crypto sent is not lost, the trading app has set up a 14-day window to accept the gift, at which time the customer will not be charged.
“Crypto Gifting is a great way to help our customers overcome the emotional and financial barriers of their friends and family,” Robinhood Crypto COO and lead Christine Brown said, “It’s already an easy and instant gift for crypto fans.”
The Robinhood offer is now similar to those being provided by Block, previously offered with Square, PayPal, and Coinbase. While it’s not sure that this feature will be available after the holidays season is over.
On December 7, a study by lending firm BlockFi showed that many Americans are ready to accept cryptocurrencies such as BTC, Ether (ETH), and Dogecoin (DOGE) as gifts this holiday season. However, the same survey revealed that the majority of respondents did not have the prior skills to transmit crypto.
With its more than 22 million customer base, Robinhood currently hopes to make its digital wallet feature available to all customers by early 2022. Robinhood’s (HOOD) stock price has been steadily declining since its announcement on the Nasdaq in July. It hit a high of $70.39 on August 4, down 74% to $18.16 at the time of publication.