Robinhood will elevate its cryptocurrency capabilities with this new feature if it comes to fruition.
Robinhood, the financial firm on a mission to democratize finance for all, is planning to introduce a new feature that will let users send across cryptocurrency as a gift to other users. Steve Moser, a developer, discovered the hidden code in a beta version of Robinhood’s iPhone app. The report was then shared with Bloomberg News. However, the feature is still in its testing phase and hence not available for the app’s users. As the company’s spokesperson refused to comment, it is unclear if Robinhood users would be able to enjoy this gifting feature in the immediate future.
Crypto Gifting on Robinhood
The hidden code confirmed that users would be able to send coins in the form of digital gift cards alongside personalized messages up to 180 characters. One significant aspect of the report findings was the ability of the user to withdraw the gift unless it is accepted by the user. Thus, there is a certain level of autonomy provided to the user.
In addition to the gifting feature unravelled by the developer, there were some other functions too with respect to spare charge investing and early receiving of direct deposits that were deciphered from the code. The no-fee trading platform will elevate its cryptocurrency capabilities with this new feature if it comes to fruition. Though its competitor Coinbase already has a similar feature, crypto users have the option to make such gift transfers through standard transactions between crypto wallets.
Robinhood is a US-based financial firm that is considered a pioneer in providing no-fee trading services. Most of the company’s revenue is generated via the interest received on cash balances, trading of order information to high-frequency traders and margin lending. With 31 million users and 1.6 million people on the waitlist for a crypto wallet, it is one of the biggest platforms next to only Coinbase. It has an intuitive UI and in addition to crypto, also facilitates the buying and selling of stocks and ETFs. The biggest flaw in its design is the inability to give users an option to withdraw crypto funds, something which Coinbase has exploited and thus is a better option for users as it provides more freedom with respect to the coins.
The new feature will be a great asset to the company however, keeping the past delays in mind, there is no surety of the feature being released soon. In September, a beta version code revealed the company working on a crypto wallet that would finally give users a chance to withdraw their coins to a self-custody wallet. However, the waitlist is still growing but Robinhood has not given any announcement on the release of such a feature in the near months. The gifting feature would, too, invite interest from the app’s existing users but it is unlikely the function would be available soon for the company’s current customers.