Trading platform Robinhood is launching a cryptocurrency gifts program, allowing users to gift several cryptocurrencies, including bitcoin, dogecoin, ether, bitcoin cash, and litecoin. As with crypto trading, gifts are commission free and users can gift as little as $1 in cryptocurrency.
Robinhood’s Crypto Gifts Program
Robinhood announced Thursday the upcoming launch of Robinhood Crypto’s “Cryptocurrency Gifts Program.”
Users can gift as little as $1 in cryptocurrency, Robinhood’s website details, noting that it can take 3-5 days for the fund to settle. “As with crypto trading, gifts are commission free,” Robinhood clarified, adding:
Once you’ve customized your unique gift, you can send it directly to your special someone via a special link that’ll go straight to their phone.
The crypto gifts program is expected to launch on Dec. 22. However, crypto gifts are not available in Nevada or Hawaii, Robinhood’s website notes.
“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,” Robinhood’s crypto gifts terms & conditions detail. The company added:
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 Crypto currently supports buying, selling, and real-time market data for bitcoin (BTC), bitcoin cash (BCH), bitcoin sv (BSV), dogecoin (DOGE), ethereum (ETH), ethereum classic (ETC), and litecoin (LTC).
Robinhood’s third-quarter transaction-based revenue totaled $267 million, with $51 million coming from cryptocurrency trading. In addition, 40% of its cryptocurrency transaction-based revenue for the three months ended Sept. 30 was attributable to transactions in dogecoin.
Earlier this week, Chainalysis announced that it has partnered with Robinhood to boost the trading platform’s compliance ahead of its crypto wallet launch.
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