Robinhood unveils new crypto gifting feature ahead of the holidays

• Trading app Robinhood will launch a new cryptocurrency gifting feature, beginning December 22.
• Users can send cryptocurrency as a gift to other users, in amounts as small as $1.
• The move is similar to Cash App's recent announcement, allowing users to send fractional shares of stocks and bitcoin to other users.

Zero-commission retail-trading app Robinhood confirmed it's launching a feature to allow users to gift cryptocurrencies to other users.

Earlier this week, Bloomberg reported on the feature after developer Steve Moser discovered the gifting code in a beta version of Robinhood's iPhone app.

"Crypto gifting is a great way for our customers to help remove the emotional and economic barrier of their friends and family taking their first step into crypto," Robinhood Crypto Chief Operating Officer Christine Brown said in an email to Coindesk. "It is also an easy and immediate gift for those that are already crypto fans."

Beginning December 22, all users — except those in Nevada and Hawaii — will be able to share digital gift cards with one other, as well as a written message of up to 180 characters. The gifted money can be retracted before the recipient accepts it.

Upon receiving a gift, users have 14 days to accept it in the app. New customers must download the app and sign up for an account to claim a gift. Gifts can be as small as $1, picked from seven available currencies, including bitcoin, ether, and dogecoin.

The move mimics Cash App's recent announcement of a new feature that allows users to send fractional shares of stocks and bitcoin to other users.