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Finance

Robinhood Working on New Crypto Gifting Feature: Report

The feature would allow users to send crypto to other users as a gift, according to Bloomberg.

By Nelson Wang
AccessTimeIconDec 13, 2021 at 11:11 p.m. UTC
Updated May 11, 2023 at 4:06 p.m. UTC
Robinhood Going Public; What S-1 Filing Reveals
Robinhood Going Public; What S-1 Filing Reveals

Code discovered in a beta version of Robinhood’s iPhone app reveals the popular no-fee trading platform is considering adding a feature that allows users to send cryptocurrency to each other via digital gift cards, according to a Bloomberg report.

  • The cards can be accompanied by messages up to 180 characters long, and the money can be retracted anytime before it is accepted by the recipient, according to Bloomberg.
  • A Robinhood spokesperson declined to comment to CoinDesk.
  • The code was found in a beta version of the app by developer Steve Moser, who shared it with Bloomberg.
  • In the past, beta versions of Robinhood’s apps have revealed features such as support for crypto wallets, Bloomberg wrote.
  • Commissions from crypto trading have become an increasingly significant source of revenue for Robinhood in recent quarters.
  • On Monday, crypto tracing firm Chainalysis announced it will provide data and compliance tools to Robinhood’s online crypto trading service, Robinhood Crypto.
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    • UPDATE (Dec. 14, 0:23 UTC): Adds Robinhood response.

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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Nelson Wang
    Nelson Wang

    Nelson Wang was CoinDesk's news editor for the East Coast. He holds BTC and ETH above CoinDesk's disclosure threshold of $1,000.

    Follow @NelWang on Twitter