Digital payments company Square, now called Block, has announced that with its Cash App users will be able to give friends and family both cryptocurrency and stock gifts during the upcoming holiday season.
The Cash App, which accounts for approximately 40 million monthly active users, announced on Tuesday that its users would be able to send gifts in Bitcoin (BTC) or stock for as little as $1, just as they would be sending cash. Users will be able to send cryptocurrency as payments or gifts to third parties, following the footsteps of other payment companies such as PayPal and Coinbase.
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. pic.twitter.com/HS0CqusiLS
— Cash App (@CashApp) December 14, 2021
Crypto gifts have been really popular these days. The research results of a recent study by the lending firm BlockFi revealed that many Americans would be inclined to accept cryptocurrencies such as Bitcoin (BTC), Ether (ETH), and Dogecoin (DOGE) as gifts during this holiday season. However, according to the same survey, the vast majority of respondents did not know how to transfer crypto. Many critics believe that sending Bitcoin to newcomers is a contributing factor to the large number of coins that have been lost since 2009.
Crypto gifts increase adoption
Crypto gifts have made many people rich. A 4-years old toddler in Brazil has gained more than 6,500% in her Bitcoin holding gifted by her father when she was born. As TheCoinRise reported in November, a survey revealed that more than a quarter of crypto investors in Australia are considering buying Christmas gifts using crypto this holiday season.
Several organizations are accepting cryptocurrency donations to assist those in need over the holiday season. Fintech provider Unbanked announced earlier this month that it would be accepting cryptocurrency donations for Toys for Tots, a program run by the US Marine Corps that collects toys to be distributed to underprivileged children in the nation. A further advantage of cryptocurrency donation platforms such as the Giving Block is that they allow non-profit organizations and charities to accept cryptocurrency donations.