Cash App has recently launched a new feature that would allow users to gift friends and family stock and bitcoin. The app has taken gifting to another level with this new feature that will literally allow users to gift crypto to their loved ones with this feature. The gifting feature works the same way sending money in the app does but this time around, users will be able to gift as little as $1 in stock or crypto.
Gifting Bitcoin With Cash App
The payments app had taken to Twitter to announce the new feature roll-out. It explained that users will be able to gift crypto and stock to their loved ones regardless of whether or not they owned any of it themselves. It would be akin to sending cash on the app and just as easy. The feature was to enable users to help their loved ones start their investing journey by gifting them their first stock or bitcoin.
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“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.”
Cash App’s new gifting feature will only be available to users in the United States. The payments app is owned by Block, formerly known as Square, which is run by ex-CEO of Twitter, Jack Dorsey. With the announcement of the rebrand, Dorsey had explained that the brand’s mission was to help the seller community, by building tools that give access to the economy.
BTC continues downtrend | Source: BTCUSD on TradingView.com
Other Companies Jumping In
Cash App is not the first to announce a bitcoin and stock gifting option to its users. Crypto exchange Coinbase had rolled out a similar feature which is currently live where users are able to gift cryptocurrencies to their family and friends. The crypto is gifted using a digital card picked out by the user that is inspired by NFT art.
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Trading app Robinhood had also recently rolled out a gifting feature. Users of the app are able to gift up to seven cryptocurrencies to their loved ones including bitcoin and ethereum, of as low as $1. This is to tap into its younger demographic of users who are more likely to gift crypto to their friends and family instead of conventional holiday gifts.
Cash App is however the first peer-to-peer payments service to offer crypto and stock gifting service to its customers. All other brands are trading platforms where users are able to trade cryptocurrencies and stocks directly. Users can choose to send crypto or bitcoin using their existing Cash App balances or using a debit card.
Featured image from Yahoo Finance, chart from TradingView.com