Block has allowed users to gift Bitcoins using Cash App for the holiday gifting season
Block, the digital payments firm that was formerly called Square, has made an announcement that Cash App users would now be able to gift friends and family both crypto and stock over the upcoming holiday season.
According to a tweet on Tuesday, December 14, the Cash App has informed its users – nearly 40 million active monthly — that they could send as little as $1 in Bitcoin or in stock as a gift in a pretty similar manner as they had been sending cash.
The payments firm, Block, has joined other premiers, including PayPal and Coinbase, by allowing its users to send cryptocurrencies as gifting or payments to third parties.
A study by lending firm BlockFi has shown that many Americans would be willing to accept cryptocurrencies as gifts, including Bitcoins, Ether and Dogecoin, over the holiday season. However, the same survey has also revealed that the majority of participants did not have the necessary skills for making crypto transfers.
Many critics have even attributed sending Bitcoins to newbies as part of the reason that so many coins have been lost since the year 2009.
Other projects have notably been accepting donations in cryptocurrencies over the season’s holidays for helping the needy. Fintech provider Unbanked has recently announced that it would enable crypto donations for Toys for Tots, which is a program run by the United States Marine Corps for collecting toys to distribute among disadvantaged children.
In addition, platforms like the Giving Block have also allowed nonprofit organizations and charities to accept donations in crypto coins.