By Shelly Melancon (Switzerland)
Per an official announcement, Robinhood markets Inc. Users can now access a new feature on the trading platform that will enable them to give digital assets as a gift to one another.
Highlights Of The Feature
The feature is set to be available before Christmas day (specifically, by Wednesday, December 22), and it would even be possible to send digital currencies to their loved ones. However, the famous trading platform announced the feature is yet to be available to users in Nevada and Hawaii, while the lowest amount of digital currencies US users can gift to their loved ones is $1.
It further stated that this feature is limited to seven digital currencies, including BTC, eth, and doge. One unique addition to this feature is that senders can add a message of up to 180 characters when sending the digital coins.
Another excellent addition to the feature is the prevention of crypto loss. If a receiver cannot access or is unwilling to use the crypto sent to him, the sender can withdraw it back. If the receiver doesn’t accept the gift within 14 days, the sender can withdraw it.
Accessibility And Comparison To A Similar Feature
Non-Robinhood account holders can access their gifts by creating an account through the platform’s app. A high-ranking official of the platform, Christine Brown, commented on the new development saying, “this gifting feature enables our users to assist their loved ones in taking their baby steps to own a digital asset. Also, it enables our users to share an easy gift with one another.”
Also read:Many crypto enthusiasts have compared Robinhood’s feature with square (now known as block Inc.)’s bitcoin gifting feature. You’d recall that square launched a feature on its platform ten days ago that enables users to share fractions of BTC and stock shares with one another. The reasoning behind the launch is to ensure a wider crypto adoption among users by sharing holiday gifts in the form of cryptocurrencies.
Focusing On Crypto Offerings Improvements
Robinhood is having a rough time with regulatory authorities regarding its main revenue stream. That might explain why the firm is expanding its crypto offerings. While users can make crypto transactions on the platform already, their developers continue to test the send and receive features for the wallet.
The developers are also testing a new wallet feature that allows users to manage their digital assets without any conversion to cash, such as the USD. When this wallet feature is launched, Robinhood may likely become a top competitor with leading crypto platforms such as Coinbase.
The platform revealed that one aspect of this feature would allow users to set aside some amounts of their digital assets automatically for investment purposes. It is only logical that Robinhood would be more interested in expanding its crypto offerings. Their Q2 earnings report showed that earnings from their digital currency offerings accounted for their highest revenue. Also, the increase in the platform’s userbase between April and June this year was mainly to access their crypto offerings. The first few transactions of these users were in cryptocurrency and not stocks.
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