Square (Block) Cash app now allows users to gift stocks and bitcoin

Karthik Subramanian

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.

square

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.

Read this next

Metaverse Gaming NFT

Despite crypto winter, Fastex grabs $23.2 million in Fasttoken token sale

Fasttoken, part of the Fastex web3 ecosystem, has secured $23.2 million in financing through the private and public token sales of its native cryptocurrency Fasttoken (FTN).

Digital Assets

Iran to repay Russian debts in gold-backed stablecoins

A high-ranking member of the Russian parliament confirmed reports that his country was in talks with Iran to create a stablecoin for foreign trade settlements, to replace the dollar, ruble and Iranian rial.

Digital Assets

SEC denies Cathie Wood’s bitcoin ETF for second time

The approval of a regulated crypto derivative is still looking far less likely, as the US regulators have once again denied Cathie Wood’s application for a long-awaited spot bitcoin exchange-traded fund (ETF).

Executive Moves

Pavel Spirin promoted to Scope Markets CEO following Rostro acquisition

Belize-based FX and CFDs brokerage Scope Markets has promoted Pavel Spirin to take on an expanded role as the company’s chief executive officer. He replaces the outgoing CEO Jacob Plattner, who has also been a major shareholder since he resigned his position as managing director at GKFX.

Retail FX

Public.com goes all-in on alternative investing, launches Rare Sneaker Portfolio

“The concept of curated Portfolios means that our members will be able to invest in categories like art, trading cards, royalties, and real estate without needing to become subject matter experts on individual assets.”

Industry News

State Street taps AWS and Microsoft for cloud and infrastructure solutions

“By standardizing and simplifying our technology operating model, we will be able to more quickly deploy client environments and launch new products and services, while continuing to enhance the resiliency of our technology environment and our business operations.”

Institutional FX

Bitpanda launches Investment-as-a-Service business for banks, fintechs, online platforms

“Financial institutions today have to ask themselves how they aim to cater the increasing demand for modern investing solutions. Building these Individually, means a high startup cost, and products that are often outdated before they are even launched.”

Institutional FX

Options expands market data feeds after partnership with Tools for Brokers

“Our integration with ACTIV Financial marked the beginning of a new era in market data availability and infrastructure. Our teams have come together to provide unparalleled, fully managed market data services alongside Options’ global connectivity and infrastructure.”

Industry News

Recruitment in financial services sector buoyant despite planned mass layoffs

“It remains to be seen what impact this will have on hiring levels within the financial services arena this quarter”, said APSCo, regarding the expected mass layoffs within the financial services sector in England & Wales. 

<