Robinhood Plans Crypto Expansion With New Gifting Feature
(Bloomberg) -- 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.
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.
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