Robinhood Working on New Crypto Gifting Feature: Report

The feature would allow users to send crypto to other users as a gift, according to Bloomberg.

Dec 13, 2021 at 11:11 p.m. UTC
Updated Dec 16, 2021 at 4:16 a.m. UTC

Code discovered in a beta version of Robinhood’s iPhone app reveals the popular no-fee trading platform is considering adding a feature that allows users to send cryptocurrency to each other via digital gift cards, according to a Bloomberg report.

  • The cards can be accompanied by messages up to 180 characters long, and the money can be retracted anytime before it is accepted by the recipient, according to Bloomberg.
  • A Robinhood spokesperson declined to comment to CoinDesk.
  • The code was found in a beta version of the app by developer Steve Moser, who shared it with Bloomberg.
  • In the past, beta versions of Robinhood’s apps have revealed features such as support for crypto wallets, Bloomberg wrote.
  • Commissions from crypto trading have become an increasingly significant source of revenue for Robinhood in recent quarters.
  • On Monday, crypto tracing firm Chainalysis announced it will provide data and compliance tools to Robinhood’s online crypto trading service, Robinhood Crypto.

UPDATE (Dec. 14, 0:23 UTC): Adds Robinhood response.

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Nelson Wang is CoinDesk's news editor for the East Coast. He holds BTC and ETH above CoinDesk's disclosure threshold of $1,000.