Robinhood Adds Crypto Gifting Feature

Popular zero-commission trading app Robinhood is adding a feature so users can gift crypto to friends and family. The feature will be operational for all customers starting Dec. 22, except those in Nevada and Hawaii, where Robinhood Crypto is not available.

Users can send as little as $1 worth of one of seven cryptocurrencies, including bitcoin (BTC), ether (ETH) and dogecoin (DOGE). The gift cards come with special designs and can be accompanied by a personal message. There is no commission for gifting crypto.
Once sent, the recipient has 14 days to accept the gift. If it’s not accepted, the money reverts back to the sender. If the recipient is a Robinhood customer, they will receive the gift in the app. If they are not, they can sign up for an account and then claim it.
“Crypto gifting is a great way for our customers to help remove the emotional and economic barrier of their friends and family taking their first step into crypto,” Robinhood Crypto Chief Operating Officer Christine Brown said via email. “It is also an easy and immediate gift for those that are already crypto fans.”
Commissions from crypto trading have become an increasingly significant source of revenue for Robinhood in recent quarters.
Bloomberg first reported on the possibility that Robinhood would be offering this feature earlier this week, based on code seen in a beta version of its iPhone app.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Nelson Wang

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

Follow @NelWang on Twitter

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.