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Planning to gift friends and family Bitcoin this holiday? Block (Square) is making it as easy as sending cash

John KumiBy 0Edited by John Kiguru 15. December 20213 Mins Read
  • 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.

 

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This article is provided for informational purposes only and is not intended as investment advice. The content does not constitute a recommendation to buy, sell, or hold any securities or financial instruments. Readers should conduct their own research and consult with financial advisors before making investment decisions. The information presented may not be current and could become outdated.

John is a seasoned cryptocurrency and blockchain writer and researcher, boasting an extensive track record of years immersed in the ever-evolving digital frontier. With a profound interest in the dynamic landscape of emerging startups, tokens, and the intricate interplay of demand and supply within the crypto realm, John brings a wealth of knowledge to the table. His academic background is marked by a Bachelor's degree in Geography and Economics, a unique blend that has equipped him with a multifaceted perspective. This diverse educational foundation allows John to dissect the geographical and economic factors influencing the cryptocurrency market, offering insights that go beyond the surface. John's dedication to the crypto and blockchain space is not merely professional but also personal, as he possesses a genuine passion for the technologies that underpin this revolutionary industry. With his astute research skills and commitment to staying at the forefront of industry trends, John is a trusted voice in the world of cryptocurrencies, helping readers navigate the complex and rapidly changing terrain of digital assets and blockchain innovation. John Kiguru is an accomplished editor with a strong affinity for all things blockchain and crypto. Leveraging his editorial expertise, he brings clarity and coherence to complex topics within the decentralized technology sphere. With a meticulous approach, John refines and enhances content, ensuring that each piece resonates with the audience. John earned his Bachelor's degree in Business, Management, Marketing, and Related Support Services from the University of Nairobi. His academic background enriches his ability to grasp and communicate intricate concepts within the blockchain and cryptocurrency space. Business Email: info@crypto-news-flash.com Phone: +49 160 92211628

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