Robinhood lets US users give away crypto for the holidays

Recommended by cryptocurrencies for the Christmas season, this trading app can help newbies take the first step and have interesting table conversations in the future.

Trading app Robinhood announced that its users will be able to distribute cryptocurrency to friends and family during the holiday season.

In Thursday’s announcement, Robinhood announced that as of December 22nd, its users – with the exception of those in Hawaii and Nevada – will only be able to deposit $ 1 in Bitcoin (BTC), or six other cryptocurrencies will not be lost to a recipient who does not want or cannot use, the merchant application has set a 14-day time limit for receiving the gift at this stage.

Christine Brown, Chief Operating Officer and Team Leader of Robinhood Crypto, told Cointelegraph: “Giveaway cryptocurrency is a great way to help our clients overcome the emotional and economic barriers of their friends and family in their first step to cryptocurrency. “It’s also a simple and instant gift for people who are already crypto fans.”

Donate cryptocurrency through Robinhood. Source: Robinhood

Robinhood’s offering is similar to what Block, formerly Square, is currently offering, in addition to PayPal and Coinbase. It’s unclear if the trading app intends to offer cryptocurrency giveaways after the holiday season.

On December 7, Cointelegraph reported that research by lending company BlockFi has shown that more Americans will be willing to accept cryptocurrencies such as BTC, Ether (ETH), and Dogecoin (DOGE) as gifts during this ceremony. However, the same survey showed that the majority of respondents did not have the skills to transfer cryptocurrencies.

On the subject: Do you distribute cryptocurrency to loved ones on this holiday? Train them first.

With over 22 million users, Robinhood is currently testing a digital wallet feature that is expected to be available to all customers in early 2022. Robinhood (HOOD) share price has been falling steadily since it was listed on the Nasdaq in July. from $ 70.39 on Aug 4 to $ 18.16 at time of writing, a roughly 74% decline.