Robinhood is Working On Crypto Gift Transfers - Report

Source: AdobeStock / Rafael Henrique

 

With the holiday season approaching, US online trading platform Robinhood is reportedly working on a new feature that will allow its customers to send cryptocurrency to other users as a gift. 

The forthcoming functionality was discovered in parts of the code of a beta version of the company’s iOS app, signalling the platform’s potentially increased focus on crypto in the near future.

Under the plan, the feature will enable to transfer crypto through digital gift cards, as indicated by the code, Bloomberg reported. Robinhood’s customers will be allowed to send a short messages of up to 180 characters along with it. 

Should they change their mind over the gifted crypto, users will be able to retract their digital gifts anytime before the other person accepts them.

The time frame for the feature’s introduction has not been disclosed yet, and a spokesperson for Robinhood has declined to comment on the functionality. 

A similar feature is already offered by some major crypto exchanges such as Coinbase which says that all "crypto gifts are delivered in a digital card featuring a piece of unique art from up-and-coming, crypto-forward artists."

Over the past months, Robinhood has unveiled a number of features designed to lure more crypto users to its platform. Amid an intensifying competition for crypto users among fintechs, last September Robinhood announced it was rolling out crypto recurring investments. 

In early November, the company announced that some 1.6m persons were registered on the waitlist for its crypto wallet. The much-awaited digital product is scheduled to be launched late in the first quarter of 2022, according to Christine Brown, Chief Operating Officer of Robinhood Crypto.

Last October, Vlad Tenev, CEO of Robinhood, said the move was related to crypto’s rapidly expanding importance for the platform, as many people "have been asking for the ability to send and receive cryptocurrencies, transfer them to hardware wallets, transfer them onto the platform to consolidate".

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