Digital payments company Block, formerly called Square, has announced that Cash app users will be able to gift friends and family with both crypto and stocks over the Christmas period.
According to a tweet on Tuesday, Cash App said its users – roughly 40 million active monthly – could only send $ 1 in bitcoin (BTC) or as a gift in the same way they sent cash. The payment company joins others like PayPal and Coinbase, allowing users to send crypto to third parties as payments or gifts.
With the Cash App, you can send in shares or Bitcoin from as little as USD 1. It’s as simple as sending cash, and you don’t have to own stocks or bitcoins to give it away. So forget the scented candles or the new beach towel this Christmas season and help your cousin invest. pic.twitter.com/HS0CqusiLS
– Cash app (@CashApp) December 14, 2021
Cointelegraph reported Dec. 7th that a study by the loan company BlockFi showed many Americans would be ready to accept cryptocurrencies including BTC, Ether (ETH) and Dogecoin (DOGE) as a gift this holiday season. However, the same survey found that the majority of respondents did not have the skills to transfer crypto. Many reviewers have cited sending BTC to newbies as the reason for this so many coins have been lost since 2009.
Other projects accept donations in crypto over the holidays to help those in need. Fintech provider Unbanked Announced earlier this month It would enable crypto donations to Toys for Tots, a United States Marine Corps program that collects toys for distribution to disadvantaged children. In addition, platforms like the Giving Block enable nonprofits and charities to accept donations in crypto.