Zero-Commission retail-trading app Robinhood has announced that users can now gift cryptocurrencies this festive period through its newly launched feature.

Crypto Chief Operating Officer of Robinhood, Christine Brown stated that crypto gifting allows customers to help their friends and families take their first step into crypto. This takes away the emotional and economic barriers, especially for those going into the crypto market for the first time. “It is also an easy and immediate gift for those that are already crypto fans,” Christine added.

Users Can Send Personalized Messages Along With The Gift

In the announcement, Robinhood stated that all users can share crypto digits of gift cards, except users in Hawaii and Nevada. In addition to the gift cards, users can attach a written message with up to 180 characters when sending the gift card.

In addition, the feature will let users gift as little as $1 worth of crypto without accruing any transaction cost. The investment app says users can choose from a list of seven cryptos when sending the gift. These include Bitcoin, Dogecoin, and Ethereum.

Robinhood also noted that the recipients would need an account and the Robinhood app to accept the gift, which can be open for two weeks.

PayPal And Coinbase Also Offers Similar Feature

Christmas gifting with NFTs and stocks has been around for a while, but the new crypto gifting feature will add another dimension to the long list of gifting options for users. Robinhood says one of its major aims is to encourage more crypto adoption and make it easier for people to enter the cryptocurrency market.

However, Robinhood is not the first player that offers a crypto gifting feature. Earlier Square, now Block, announced earlier this week that its Cash App is available for people to gift Bitcoins to other users in this festive period. PayPal and Coinbase also offer similar crypto gifting services.

As with gifting stocks, there may be some tax rules both the giver and the recipient have to follow when giving cryptocurrency. So, the user needs to understand the implications, but in most cases, they are simple rules they just have to follow.