Robinhood plans crypto gifting feature

Users will be able to send cryptocurrency via digital gift cards, according to code discovered in a beta version of the company's iPhone app.

Robinhood Markets Inc. is working on a feature that will let users send cryptocurrency to other users as a gift, according to code discovered in a beta version of the company’s iPhone app.

The code indicates that the feature will allow the sending of cryptocurrency via digital gift cards that can be accompanied by messages up to 180 characters in length. A user who sends a cryptocurrency gift will also be able to retract it anytime before it is accepted, according to the code.

The hidden code for the feature was discovered in a beta version of the app by developer Steve Moser and was shared with Bloomberg News. The feature is not yet available for use by consumers. Will McCormick, a spokesperson at Robinhood, declined to comment.

InvestmentNews wants to hear from you! Please take a minute to complete this form, so we can better understand and serve our readers.

"*" indicates required fields

Are you involved with making technology purchasing decisions for your firm?*

Is your firm currently evaluating digital marketing solutions?*

Last Name*

Email*

Phone*

Company Name*

Country*

Permission to share your data*

Permission to share your data. By checking this box you agree to allow InvestmentNews to share your data*

It’s unclear when Robinhood may enable the function, but code findings in the past have revealed upcoming Robinhood features, including support for crypto wallets. The gifting feature would be an escalation of Robinhood’s work with cryptocurrencies. Other future features revealed by code include spare change investing and the ability to receive direct deposits early.

While crypto gift cards would be new to Robinhood, such functionality is already offered by crypto services including Coinbase. Users can also gift coins via standard cryptocurrency transfers between wallets.