Digital payments company Block, formerly called Square, has announced that Cash App users will be able to gift friends and family both crypto and stock over the holiday season.
According to a Tuesday tweet, Cash App said its users — roughly 40 million active monthly — could send as little as $1 in Bitcoin (BTC) or stock as a gift in the same way they had been sending cash. The payments firm joins others including PayPal and Coinbase in allowing users to send crypto as payments or gifts to third parties.
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
Cointelegraph reported on Dec. 7 that a study by lending firm BlockFi showed 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 crypto. Many critics have attributed sending BTC to newbies as part of the reason so many coins have been lost since 2009.
Other projects are accepting donations in crypto over the holidays to help those in need. Fintech provider Unbanked announced earlier this month it would be enabling crypto donations for Toys for Tots, a program run by the United States Marine Corps that collects toys to distribute to disadvantaged children. In addition, platforms such as the Giving Block allow nonprofit organizations and charities to accept donations in crypto.