Exactly when the new functionality will be presented to the public is unknown.
Online broker Robinhood is working on creating a service that will allow users of the platform to send cryptocurrencies as gifts. Bloomberg wrote about this with reference to the results of an analysis of the beta version of the company’s mobile app for iOS.
New functionality in Robinhood code discovered by developer Steve Moser. Recall that in July 2021, he also managed to find out that online brokers are testing tools to protect investors from the high volatility of cryptocurrencies.
What is known about the initiative
According to the publication, the new service will allow Robinhood users to send cryptocurrency in gift card format. Such a gift can be accompanied by a 180-character message. Bloomberg draws attention to the fact that users will be able to revoke gift cards. This can be done if the recipient has not received the gift.
The idea of decorating cryptocurrencies in gift cards is not new. Many market participants have used it to leverage digital assets. For example, in October 2021, American cinema chain AMC Entertainment began selling electronic gift cards for Dogecoin and other cryptocurrencies.
Bloomberg notes that Steve Moser also managed to find functionality for the introduction of additional services in the platform code. For example, in the new version of the online broker application, developers can integrate tools for direct deposit input.
Exactly when the new functionality will appear in Robinhood is unknown. Company representatives declined to comment on product development information.
Robinhood’s journey into the world of cryptocurrency
Online brokers have shown an interest in the digital asset market for several years. In 2021, operations with cryptocurrencies will become the main source of income for the company.
In the second quarter of 2021, more than 60% of Robinhood’s digital asset profits came from Dogecoin. The growth of the company’s total revenue from cryptocurrencies for the period indicated, on an annual basis, amounted to 4575% (from $5 million to $233 million).
In the third quarter of 2021, Robinhood’s revenue from trading cryptocurrencies fell by almost 80%, compared to the results of the second quarter. The indicator stopped at $51 million.
Despite the fact that operations with cryptocurrencies are not the most stable source of income for online brokers, the team is actively developing the chosen direction.
In 2021, several new tools for interacting with digital assets are available to users of the Robinhood app. For example, in September, the developer announced the launch of a service that allows the platform’s clients to buy cryptocurrencies on schedule.
We will remind you, before that Bloomchain understands how much Robinhood earns from digital asset adherents.