Square (Block) Cash app now allows users to gift stocks and bitcoin
Block, formerly Square, Cash app now allows the users to gift stocks and bitcoin to other users as part of a new feature that they have launched.
The users would be able to gift stocks and bitcoin even as low as $1 and they don’t need to be holding any of these.
Easy to Gift Stocks and BTC
All that they would need to do is to initiate the gifting feature and if they do not hold the stock or bitcoin at the time of gifting, it would be bought on their behalf and gifted to the end-user. The buying of the stock or bitcoin can be done using debit cards as well. Though the gifting of crypto feature is available on other apps like Coinbase, the company says that this is the first time that such a feature is available on a peer-to-peer platform like the Cash app.
Block was formerly called Square but it recently change its name in tune with the times and also to resonate on its renewed focus. The company has chosen not to clearly explain what its renewed focus would be on and what the name change signifies but the crypto enthusiasts believed that it shows that the company would be increasingly focussing on bitcoin and blockchain as well.
Renewed Focus on Crypto
This is in tune with the recent statements from its founder and CEO Jack Dorsey who has been very vocal in his support for bitcoins in particular. This is also proved by the increasing focus of the company in the crypto field and it is expected that its participation in the crypto industry would only grow in the coming months. This could also be in response to the increasing challenge from other competitors within the US region in the stock brokerage industry. Platforms like Robinhood have also been looking to attract many retail users with different features and offers and the crowding of this space is forcing some of the platforms to expand on their product offering with cryptos offering a very good and popular option.
It is also reliably learnt that Robinhood also has this gifting feature done and ready but it is not very clear on when they would be launching the same and what shape or form its features would take.