Block's Cash App to Allow its 40M Customers to Gift Bitcoin

Source: AdobeStock / Thomas Dutour

 

Jack Dorsey's payment firm Block, previously called Square, has unveiled a new Cash App feature that will allow users to gift family and friends crypto and stock over the holiday season.

Cash App announced the news on Tuesday, saying that its approximately 40 million active monthly users can send as little as USD 1 in bitcoin (BTC) or stock to other Cash App users as a gift.

"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," the payment service said.

Detailing on the news, CNBC reported that the gifting feature enables users to send BTC or stock from their dollar balances, or they can choose to fund it with a debit card.

On the other hand, the recipient has the option to take cash instead of the gift.

A recent survey conducted by major crypto lending firm BlockFi revealed that Americans are quite interested in gifting crypto over the holidays. The survey noted that 10% of the respondents plan to gift crypto during the upcoming holidays. 

As reported, in a bid to push further into crypto, the ex-CEO of Twitter Jack Dorsey's Square rebranded to Block in early December. Square Crypto, the payment firm's crypto arm, also changed its name to Spiral, and just recently unveiled the Lightning Development Kit (LDK), a tool that allows developers to integrate instant bitcoin payments into their applications.

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Learn more:

- 1 Million First-time Buyers Bought Bitcoin on Dorsey's Cash App Last Month
- Jack Dorsey's Spiral Unveils Bitcoin Lightning Development Kit
- Post-Twitter Dorsey Moves Deeper into Bitcoin 'Spiral' as Square Goes 'Block'

- Square Targets Bitcoin DeFi Business
- Square To Enter Crypto Hardware Market With Bitcoin First Wallet