Robinhood to launch crypto gift programme

Fri 17 Dec 2021 ▪ 11h09 ▪ 4 min read — by Susan McCormack

Robinhood is integrating a new feature into its mobile app, allowing its users to gift digital assets, including BTC, BCH, DOGE, ETH, and LTC, to friends and relatives commission-free. A gift has to amount to £0.75 at least.

Novel gift format: details

Yesterday, on 16th December, Robinhood announced the “Cryptocurrency Gift Programme” launch. The platform’s users will be able to send crypto gifts commission-free.

“Deposit the amount of funds you wish to gift into your Robinhood Brokerage account and have your Robinhood Crypto account ready to go for your special someone(s) to receive their holiday gift on time. All you need is as little as $1!” go.robinhood.com states.

The company warns that the transfer may take from three to five days.

The feature is to be integrated on 22nd December 2021. The new service will be available for all US residents, apart from those who live in Nevada and Hawaii.

The company urges to be extra-cautious when sending a link to a crypto gift and make sure that a friend or a family member has a Robinhood Crypto account.

“Once the Sender selects and confirms the requested amount and the cryptocurrency, the Sender is solely responsible for sharing a link to the gift, and the recipient can use this shared link to accept the gift. Just make sure your recipient has a Robinhood Crypto account to accept the gift within 14 days. For gifts not accepted, no sweat; you won’t be charged, and you’ll still get bragging rights that you gave out crypto for the holidays,” Robinhood’s crypto gifts terms & conditions detail.

Robinhood Crypto app supports real-time trading and market data tracking for Bitcoin, Bitcoin Cash, Bitcoin SV, Dogecoin, Ethereum, Ethereum classic, and Litecoin. Shiba Inu (SHIB) supporters have filed a petition on Change.org for the platform to include SHIB in the list, but Robinhood have replied stating that they are not going to list the coin yet.

The third quarter of 2021 witnessed Robinhood’s transaction revenue amount to £200 million. £38 million came from trading crypto, with about 40% falling on Dogecoin transactions.

Earlier this week, Chainalysis announced it was teaming up with Robinhood. The software company will be providing data analytics tools to make crypto trading more safe and secure. This partnership came as a part of the Robinhood crypto wallet launch campaign.

Unfortunately, the crypto gift programme is launching for United States residents only, while the global launch could have exposed more people to the crypto industry. On the other hand, the new programme is likely to lure criminals and scammers. Stay tuned for the further news on Robinhood’s crypto gift programme.

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Susan McCormack

How many crypto nerds does it take to fork an altcoin? I may be a failed comedian, but crypto is no joke! I want to share my knowledge and help others to see the bright future ahead. #buybitcoin

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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