The new feature is similar to those offered by PayPal and Coinbase. Users can send crypto as gifts using their USD balance or Debit Cards.
Jack Dorsey’s digital payments firm Block, formerly known as Square, has announced it will allow its Cash App users to send gifts to family and friends in both crypto and stock over the festive season. The company announced via a Tweet that its over 40 million active users monthly could send as little as $1 in Bitcoin.
As per the tweet, the new Cash App feature is so easy to use it would be similar to sending cash and that users do not even need to own either stock or Bitcoin to give it to others as gifts. Cash App opined that for the holiday season, people should use the opportunity to help their families by going for investments instead of buying the usual gifts like scented candles or towels for Christmas.
Offered in a peer-to-peer payments app
The leading digital payments service provider joins other firms that allow their users to use crypto either as payment or as a gift for others. Other firms already doing this include Stockpile, Coinbase, and PayPal. Even though Stockpile and Coinbase allow users to gift stocks and cryptocurrencies, respectively, Cash App stated that this was the first time such features have been offered in a peer-to-peer payments app.
The new service will build up on Cash App’s existing functionality that enables users to send Bitcoin to any CashTag on the App for free. The difference in the new feature was that now users will be able to select “Send Bitcoin” using their debit card or Cash App USD balance even when they don’t have a Bitcoin balance. That, in effect, means even users who don’t own any stock or Bitcoin can use the Cash App mobile App to send BTC as a gift.
Tools to help increase access to the economy
Last month, Jack Dorsey also stepped down from his role as Twitter CEO, saying the move CEO was intended to help him spend more time with Square. Several days later, he changed Square’s name to Block and stated that the Square name would still be a part of the company’s seller business. Dorsey stated then:
“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.”
The company said the change was a way to show its growth as it incorporated new assets like Cash App and TIDAL. The name change was also a way to separate the corporate entity from the new businesses it was taking on, letting Cash App and others remain their brands.