Block Announces New Feature on Cash App, Allowing Users to Gift Stocks and Bitcoin during Holidays

UTC by Ibukun Ogundare · 3 min read
Block Announces New Feature on Cash App, Allowing Users to Gift Stocks and Bitcoin during Holidays
Photo: Cash App / Twitter

According to a study conducted by lending firm BlockFi, many Americans are willing to accept crypto assets such as Bitcoin, Ethereum, and Dogecoin during this festive period.

Payments firm Block, formerly Square Inc (NYSE: SQ), has launched a new feature that will allow its Cash App users to gift stock and Bitcoin. With the new feature, about 40 million active monthly users of Cash App can now send as little as $1 in stock or Bitcoin. Now, Block has joined other payment firms that offer similar features to their users. In May, PayPal Holdings Inc (NASDAQ: PYPL) said that it would begin allowing third-party wallet transfers. According to PayPal, the wallet transfers will be available for its users as well as Venmo users. Similarly, Coinbase users enjoy a gifting feature that enables them to send cryptocurrencies.

Cash App Users Can Now Gift Bitcoin or Stocks

Announcing the latest feature in a tweet on the 14th of December, Cash App wrote:

“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.”

It appears that a lot of people would be satisfied with receiving cryptocurrencies as gifts in this holiday season. Now, Cash App is letting their dreams come true with the new feature that allows sending Bitcoin and stock. According to a study conducted by lending firm BlockFi, many Americans are willing to accept crypto assets such as Bitcoin, Ethereum, and Dogecoin during this festive period. The study further revealed that a large percentage of the respondents do not know about transferring cryptocurrencies. On the part of critics, sending Bitcoin newbies is one of the reasons a lot of coins have been lost since 2009.

With the increasing acceptance of crypto globally, projects are now beginning to accept crypto from donors. Projects are letting people donate crypto over the holidays to support the needy. Earlier this month, Fintech provider Unbanked announced that it would be enabling donations in crypto for Toys for Tots. Toys for Torrts is controlled by the US Marine Corps, where they collect toys to give to disadvantaged kids. Giving Block also permits non-profit organizations and charities to accept crypto donations.

Square Changes Name to Block

When Square announced that it was changing its name to Block at the beginning of the month, the company said that the new name is for its corporate entity. Over the years, the payment company has added Cash App, TBD545666975, and TIDAL as other businesses. Speaking about the name change, CEO Jack Dorsey commented:

“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.”

SQ has been recording constant losses over the last twelve months. Block stock has lost nearly 25% in a year, shedding 21.56% since the beginning of 2021. Also, the payment company has decked 31.38% in the last three months and fell over 26% over the past month. In the last five days, Block has plunged 12.35%.

Bitcoin News, Cryptocurrency news, Market News, News, Stocks
Ibukun Ogundare

Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.

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