While the introduction of digital red packets has simplified actual gift giving, there is still a larger issue regarding dispensing fiat currency.
Cameron and Tyler Winklevoss, also known as the Winklevoss twins or, as we prefer to refer to them, the Winklevi, appear to have an answer.
Rising inflation rates have resulted from the ongoing global pandemic. COVID has not only affected our personal lives, but economies all over the world are suffering as well. How can we ensure that our Ang Pao endures, truly benefit our loved ones, and represent our best wishes?
Gemini, the brothers' global cryptocurrency exchange, introduced Gifting Crypto. This new service, available only in Singapore and Hong Kong during the CNY season, will allow users to give loved ones bitcoin Ang Pao. According to the exchange, this makes it more than just a gift—it's an investment.
"Our goal is to demonstrate how technology, which lays the foundation for the future, can marry much-loved traditions from around the world," says Feroze Medora, interim head of Gemini Asia Pacific. "Bitcoin is more than just a passing fad; it is the future of money, and we want to make the crypto world accessible to everyone."
How it works
Gifting Crypto allows you to send BTC from your Gemini exchange account to Singapore or Hong Kong account holders. When you confirm your gift order, the recipient will receive an email with the gift amount and your personalized message. If the recipient does not have an account, the email will walk them through the process of creating one, and your gift will be kept safe until an account is opened.
When you gift cryptocurrency on the platform, you can make an original gift to a family member, friend, or colleague in just three simple steps, with no additional fees:
1. Choose how much BTC you want to send from your account.
2. Enter the recipient's name, email address, and an optional gift message, and click Send.
3. The recipient will receive an email informing them of the gift and providing redemption instructions.
Gemini's Gifting Crypto is a new permanent feature that can be used for any occasion, including birthdays, weddings, and other special occasions. Gifting Crypto will soon be available in additional countries.