- Block will join the likes of Coinbase and PayPal to allow users to send crypto as payment or gifts to third parties.
- This new “gifting” feature is different from most of the existing ones as users can send Bitcoin via their Cash App USD balance or even their debit cards.
Block, formerly known as Square, has officially announced that its Cash App users can now gift friends and family with crypto and stock in the holiday season. This comes after the high crypto demand among its users as was confirmed in a recent survey.
Once this is successfully implemented, Block will join the likes of Coinbase and PayPal to allow users to send crypto as payment or gifts to third parties.
With Cash App, you can now send as little as $1 in stock or bitcoin. It’s as easy as sending cash, and you don’t need to own stock or bitcoin to gift it. So this holiday season, forget the scented candles or novelty beach towel, and help your cousin start investing.
This new “gifting” feature is different from most of the existing ones as users can send Bitcoin via their Cash App USD balance or even their debit cards. This means users do not have to own Bitcoin or stock on the Cash App mobile app to send a gift in crypto to loved ones and friends.
In the last couple of years, Cash App has seen incredible growth with its annual transacting users hitting 70 million and generating about $1.8 billion gross profit as of September 2021.
On Monday, Bloomberg reported that Robinhood also can debut a crypto gifting feature despite its users using digital gift cards to send crypto. However, the company has not disclosed when this would be launched.
Cash App joins other companies in gifting cryptos this holiday season
Other companies have also unveiled projects to accept crypto gifts for those in need. Recently, Fintech provider Unbanked announced that it will enable crypto donation for Toys. This is a program operated by the US marine corps to receive and distribute toys to disadvantaged children. Also, other platforms including The Giving Block make it possible for Non-Profit Organizations and charities to receive donations in crypto.
In October, crypto lending firm BlockFi surveyed 1250 US residents, and it was disclosed that most Americans expect to receive gifts in crypto. According to the survey, one in ten Americans will give crypto as a gift to loved ones this holiday season. 75 percent of people who are willing to send or receive gifts in cryptos had Bitcoin in mind as the expected present, followed by Dogecoin and Ethereum.
According to the company, the change of its name has been positive and was a way to show its growth, as well as incorporate new assets like Cash App and TIDAL.
We built the Square brand for our Seller business, which is where it belongs. Block is a new name, but our purpose of economic empowerment remains the same. No matter how we grow or change, we will continue to build tools to help increase access to the economy,” said Jack Dorsey, co-founder, and CEO of Block.