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Robinhood Enables Crypto Gifting This Holiday Season

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U.S.-based crypto trading platform Robinhood is launching a new service called "Crypto Gifts" that will enable its customers to customize and send a crypto gift to friends & family from the Robinhood app, starting December 22. However, the service will not be is not be available in Nevada or Hawaii as well as may be subject to regulatory approval in certain states.

This move is expected to be a boon for last-minute gift shoppers which will enable them to spend time with family and friends rather than enduring long lines, supply-chain shortages, and late deliveries, only to end up with a gift that can be soon forgotten once the holidays are over.

The new service will allow Robinhood's 22 million U.S. customers to gift one of seven cryptocurrencies with a unique design and personal message, with 0 percent commission. The customer can send as little as $1 worth of one of seven cryptocurrencies, including bitcoin (BTC), ethereum (ETH) and dogecoin (DOGE).

The gift can be sent directly to the recipient by sharing a link via email or text and select from nine card designs and add an optional personalized message to complete the gift. The gift can be tracked and the recipient will have 14 days to accept their new crypto gift. A Robinhood customer will be redirected to the app to claim the gift.

Recently, Robinhood teamed up with New York-based blockchain analytics firm Chainalysis to use their data and tools for improving regulatory compliance and security standards for its customers to trade cryptocurrency safely.

The move comes just ahead of the anticipated launch of Robinhood crypto wallets which currently has a waitlist of more than 1.6 million. The crypto wallet is expected to be rolled out in early 2022. The crypto wallets will provide customers the ability to deposit and withdraw a wide variety of cryptocurrencies.

Robinhood found a need to improve regulatory compliance standards due to the massive growth in crypto trading and higher demand for exposure to this asset class than ever before.

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