Robinhood will let you give the gift of crypto this holiday season
Gift cards a bit last-century? The investment app now lets you give bitcoin, ethereum and dogecoin, in time for the holidays.
Popular investment app Robinhood said Thursday that people will soon be able to gift seven cryptocurrencies through its app, including bitcoin, ethereum and dogecoin.
The gifting feature, which launches on Dec. 22, lets you send as little as $1 worth of crypto. People can customize their gift with nine designs and include a personalized message, which can be shared via link, email or text.
Robinhood said gift recipients have 14 days to accept the crypto. If they don't, you won't be charged. The giftee will also need the Robinhood app and an account to accept it.
Giving crypto for the holidays adds another option to the catalogue of alternative gift giving, along with gifting stocks and NFTs. Robinhood isn't the only player here. Block, previously known as Square, announced Tuesday that people can give the gift of bitcoin through its Cash App. You can also give crypto through Coinbase and PayPal.
As with gifting stocks, there may be important tax implications on both the giver and recipient to consider when giving cryptocurrency. You may want to speak to a tax professional when giving these alternative gifts, and the IRS has pages on gift taxes and virtual currencies.