Block, formerly Square, will allow users to gift BTC for the holidays using Cash App

Digital payments company Block, formerly known as Square, has announced that Cash App users will be able to gift their friends and family...



Digital payments company Block, formerly known as Square, has announced that Cash App users will be able to gift their friends and family with both cryptocurrency and stocks during the holiday season.

According to a tweet on Tuesday, Cash App noted its users – around 40 million assets per month – could send as little as $ 1 in Bitcoin (BTC) or stock as a gift the same way they sent money. The payment company joins with others, including PayPal and Coinbase, in allowing users to send cryptocurrency as payments or as gifts to third parties.

Cointelegraph reported on December 7 that a study by loan firm BlockFi showed that 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 those surveyed did not have the skills to transfer crypto. Many reviewers attributed sending BTC to newbies as the reason so many coins were lost since 2009.

Related: Offer crypto to loved ones during the holidays? Educate them first

Other projects are accepting crypto donations during the holidays to help those in need. FinTech provider announced earlier this month this would allow crypto donations for Toys for Tots, a program run by the United States Marine Corps that collects toys for distribution to underprivileged children. Additionally, platforms like the Giving Block allow nonprofits and charities to accept crypto donations.