Cryptocurrency: Robinhood to add gifting feature for crypto expansion plans

Robinhood is reportedly adding a gifting feature on its platform and this will allow users to instantly send digital currency or cryptocurrency to others as a gift. The financial services and crypto firm has not formally announced this yet but a code found in a beta version of its iPhone app revealed the new function.

According to Bloomberg News, Robinhood Markets Inc. is still working on the said gifting feature. The code that was discovered showed that users will be able to send cryptocurrency to others through digital gift cards. And since this is a gift, the sender can also enclose a short message of up to 180 characters in length.

A sender of the crypto gift may also cancel the transfer at any time as long as the gift is not yet accepted or received by the recipient. At any rate, the hidden code for Robinhood’s gifting function was reported to have been found by Steve Moser, an app developer, and was shared with Bloomberg.

Since the code is still in beta version, Robinhood’s gifting feature is not yet available for the public or users of the crypto platform. To get more details about the discovery, the publication reached out to the company but Will McCormick, the company’s spokesperson, was said to have declined to comment.

With no other details directly coming from Robinhood, it is not known when the company is planning to activate the new function for people to use. However, there are suggestions that this will be available soon as the code findings in the past always reveal soon-to-be-released features on the platform.

For instance, Nasdaq mentioned that in September, a code was discovered and it suggested that Robinhood was testing a bitcoin and crypto wallet on its platform, and true enough, the company is launching its own crypto wallet soon with more than 1.6 million users already listed in the waitlist. The digital wallet is expected to be ready before this year ends.

Meanwhile, the new gifting feature is part of Robinhood’s plans for the expansion of its crypto business and while this is something new to the company, it is being offered by other crypto platforms already such as Coinbase. Users of the said crypto exchange are able to transfer digital currencies between wallets.