Block (formerly “Square”) enabled Cash App users to gift cryptocurrencies and stocks to their family members and friends over the holiday season.
Block (a renowned digital payments company that was earlier called “Square”) has announced that the Cash App users will be able to gift cryptocurrencies and stocks to their family members and friends over the holiday season. Cash App has around 40 million active monthly users. One of their tweets on Tuesday night said that they have expanded the options for their users to gift to 3rd parties beyond cash. The users will be able to gift as low as US$1 in terms of bitcoin (BTC) and stocks in addition to cash.
Cash App (@CashApp) tweeted on Dec 14, 2021, at 10.30 pm that:
“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.”
With this announcement, Cash App joins other leading payment companies (such as PayPal and Coinbase) that allow users to send cryptocurrencies as gifts or payments to 3rd parties.
The announcement comes within a week after a report by BlockFi lending firm claimed that many US citizens are now willing to accept cryptocurrencies such as Bitcoin BTC, Ethereum ETH, and Dogecoin DOGE as holiday season gifts. The concerned study also pointed out that most of the respondents in the sample survey also said that they didn’t have the skills in transferring cryptocurrencies. Many critics have also pointed out that many BTC coins have been lost since 2009 because of the faulty sending to newbies.
Many other projects have also started to accept donations in terms of cryptocurrencies over the holiday season for helping those who need them the most. Unbanked, a fintech provider, has announced early-Dec 2021, that they will enable cryptocurrency donations for a program run by the United States Marine Corps named “Toys for Tots” (which collects toys for distributing them to disadvantaged children). Also, the Giving Block platform allows non-profit organizations as well as charities in accepting donations in terms of cryptocurrencies.