TL;DR Breakdown
• Robinhood will allow to give away crypto to other users.
• Robinhood grows in the crypto world, competing with large exchanges.
Recently the crypto platform Robinhood has been developing a system that will allow enthusiasts to give away cryptos. Since the beginning of the third week of December, several experts have suggested that the website launch a service that the public wants. However, no details were available until today.
The holiday season has arrived in the cryptocurrency market, and the exchange is ahead with gifts. Steve Moser, who stands out as a developer, was one of the first crypto enthusiasts to see the gift option within the Beta App available for iPhone.
Exchange offers the option of gifts in cryptos
Through several positive comments about its efficiency and performance as a cryptocurrency exchange, Robinhood reveals its new gift system. According to its managing agent, these gifts are the best option because it supports the growth of the crypto trade. The crypto platform encourages its enthusiasts to avoid gifts in fiat and do so in virtual tokens towards their family or friends.
The agency believes this gifting is for true cryptocurrency enthusiasts. The gift system will work through gift cards that can be exchanged for the preferred token. The announcements indicate that the Robinhood gift option will be available from December 22 to all fans and users, except in Hawaii and Nevada.
The platform will grant fourteen days for the recipient to accept it through its App. These gifts will be in dollars or seven cryptos such as DOGE, BTC, and ETH.
Gift option on Robinhood similar to other exchanges
Although the Robinhood gifting option looks refreshing, it could be taken as a copy of other crypto wallets. For months the Block platform has continued to give crypto gifts; Coinbase and the payment giant PayPal joined this initiative.
According to research conducted at the beginning of the month, many US citizens will give or receive gifts based on cryptos. However, they admit that they are not skilled enough to trade cryptocurrencies.
Robinhood arrives with its new system after hosting 22 million customers. The crypto platform promises to change virtual operations to make them easy and safe. If the crypto gifts succeed, this may influence the cryptos price.
Meanwhile, the crypto market recovers after a week of losses, with Bitcoin trading at $48,468 with a rise of 3.45 percent in the last 24 hours, according to CoinMarketCap. Ethereum marks an increase of 11.40 percent in less than a day, pushing its price to more than $4,100.
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