Gifting stocks are now a thing of the past as the Robinhood cryptocurrency Gift program will allow users to send crypto to their loved ones free of cost. The app will allow users to send BTC, ETH, BCH, LTC, and even DOGE of as little as $1. And the best part is that Robinhood won’t be charging any commission for the same. This means the feature can also be used for small transactions where the normal transaction charge is high.
The Robinhood cryptocurrency Gift program
Gifting cryptocurrencies to one’s friends and family can be a great way to loop them into the world of cryptocurrencies. This will further help Robinhood get more users as their platform is being used for gifting crypto. One thing to note here is that the gift feature won’t be used for transactions most of the time due to the slow settlement speed. The company’s website says that one can expect 3-5 days for the gift voucher to get settled.
To send the gift, a user will just need to customize it based on what they want. After that, the link can be sent directly to their phone, which will add it to their Robinhood account when opened. Do note that Robinhood doesn’t take any responsibility for the misuse of the shared link. And the sender will be the one responsible for sending it to the desired person. An important thing to note here is that the gift must be claimed in 14 days, or the cryptocurrency will be added back to the sender’s account.
A good idea
Though this is not new, Robinhood will still benefit from this as the holiday season is nearing. And the commission-free part means people won’t feel any barrier to using the feature. As the revenue of the company keeps going down quarter after quarter, such features can help get some new users and balance out this revenue drop. Since they are not focused on listing new tokens that get a lot of attention and trading volume, these more subtle features are their only way to go.
What are your thoughts as the Robinhood cryptocurrency Gift program takes off right before the holiday season? And do you think this will help them get new users? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.