With Block you want to give away Bitcoin for Christmas – as easy as sending cash

Block

Block draws level with Coinbase and PayPal and enables cryptocurrency to be sent to any recipient – as easily as cash in the mail.

Block, formerly Square, officially known given that users of Cash app can give gifts at Christmas time with friends and family and share cryptocurrency now. The service follows the high demand among customers, which was determined by a recent survey. With this, Block draws level with Coinbase and PayPal, which already offer a similar service.

“With the Cash App you can send shares or Bitcoin for as little as 1 dollar. It’s as easy as sending cash, and you don’t even have to buy the stocks or bitcoins yourself to give them away. So: for Christmas this year no scented candles or an oh-so-original beach towel, instead help the recipient with their investments “

Cash App has seen incredible growth in recent years, with 70 million customers annually and gross profits of approximately $ 1.8 billion in September 2021.

On Monday, Bloomberg reported that Robinhood also plans to roll out a crypto gift feature – so far, customers have had to use digital gift cards to send crypto. However, the company has not announced when the service will arrive.

Other companies have unveiled projects to accept crypto donations for those in need. The fintech provider Unbanked recently announced that it wants to enable crypto donations for children’s toys. This is a US Marine Corps-operated program to receive and distribute toys to children in need. Other platforms such as The Giving Block also enable non-profit organizations to receive donations in crypto.

In October, the crypto-lending company BlockFi surveyed 1,250 U.S. citizens, and it found that many Americans expect to receive gifts in cryptocurrencies. According to the survey, one in ten Americans will be giving away cryptocurrencies for Christmas 2021. 75% percent of people willing to send or receive gifts in cryptocurrencies had Bitcoin in mind as the expected gift, followed by Dogecoin and Ethereum.

The company said the name change had been well received, showing the company’s growth and ability to incorporate new assets such as Cash App and TIDAL.
Jack Dorsey, Block’s co-founder and CEO, said:

“We built the Square brand for our seller business, where it belongs. Block is a new name, but our economic empowerment goal remains the same. Regardless of how we grow or change, we will continue to develop tools that make it easier to participate in the economy ”.

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