Robinhood offering holiday crypto gifting
Online broker Robinhood (NASDAQ:HOOD) is continuing to innovate, especially when it comes to the retail crypto arena.
Just a day after announcing that it is acquiring cross-exchange crypto trading platform Cove Markets, Robinhood said it is launching launching Crypto Gifts. Starting December 22, Robinhood customers (with the exception of those in certain states including NV and HI) will be able to customize and send a crypto gift to friends and family from the Robinhood app. The new experience allows gifting one of seven cryptocurrencies with a unique design and personal message.
The company said that crypto gifts are 0% commission.
Robinhood’s pitch for giving a crypto gift goes as follows. Did you sit around the table at Thanksgiving chatting crypto with people who “still don’t get it”? Gifting crypto could help them make the first step and make those conversations easier next year.
With an easy signup process, intuitive user experience, and 22 million U.S. customers, Robinhood said it is the best place to welcome friends and family to the cryptosphere.
Here’s how it works.
You can send as little as $1 worth of one of seven cryptocurrencies including bitcoin (BTC), ethereum (ETH) and dogecoin (DOGE). You can then send it directly to the recipient by sharing a link via email or text.
Make sure you have sufficient funds available in your Robinhood account before sending your gift.
Select from nine card designs and add an optional personalized message.
Once a gift is sent, the recipient has 14 days to accept their new crypto gift. If they don’t, the sender won’t be charged (but will still get bragging rights that you gave out crypto for the holidays.)
If the giftee is a Robinhood customer, they will simply be redirected to the app to claim the gift. If they are not, they can sign up for Robinhood and then claim it.