Digital payments company Block, formerly called Square, has announced that users of the Cash app will be able to gift their friends and family both crypto and stocks during the holiday season.
According to a tweet on Tuesday, Cash App saying its users, approximately 40 million active monthly, could send as little as $ 1 worth of Bitcoin (BTC) or shares as gifts in the same way that they had been sending cash. The payments company joins with others, including PayPal and Coinbase, to allow users to send cryptocurrencies as payments or gifts to third parties.
With the Cash app, you can now send as little as $ 1 worth of stocks or bitcoins. It's as easy as sending cash and you don't need to have stocks or bitcoins to give it away. So this holiday season, forget the scented candles or the novel beach towel and help your cousin start investing. pic.twitter.com/HS0CqusiLS
- Cash App (@CashApp) December 14, 2021
Cointelegraph reported on Dec. 7 that a study by loan firm BlockFi showed that many Americans would be willing to accept cryptocurrencies including BTC, Ether (ETH) and Dogecoin (DOGE) as gifts this holiday season. However, the same survey revealed that the majority of respondents did not have the skills to transfer cryptocurrencies. Many critics have attributed sending BTC to newbies as part of the reason. so many coins have been lost since 2009.
Related: Give cryptocurrencies to your loved ones this vacation? Educate them first
Other projects are accepting crypto donations over the holidays to help those in need. Unbanked financial technology provider announced earlier this month would allow crypto donations for Toys for Tots, a program run by the United States Marine Corps that collects toys to distribute to underprivileged children. Additionally, platforms like Giving Block allow nonprofits and charities to accept donations in crypto.
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