Block, which was formerly called Square and renamed itself last month, has announced that its Cash App can now be used to gift stocks or bitcoin to fellow users in a peer-to-peer manner.
This comes at the right time as far as the platform and its users are concerned as we enter into the gifting season and with the current craze around bitcoin, this feature would likely be welcomed by many of its users. Of course, this is not something very new in the industry and the option to gift stocks and crypto has been available in many other platforms like Coinbase but the company says that this is the first time that it is available in a peer to peer platform. Users need not hold any of the stock or BTC in their wallets and so if any user wants to do the gifting, he can do the purchase via his balance in the platform wallet or by using a linked debit card thus making the process very smooth and reliable as well.
Another important feature is that the method by which the gifting is made can be chosen by the user and the method by which it is received can also be chosen by the other user. In other words, if the receiver does not want the specific stock or BTC, then he would be free to choose to convert it into fiat and then take the fiat into his wallet. This flexibility makes it a very good choice of gifting for those who are interested in trading and investing.
This could also serve to be a form of a viral campaign as crypto and stock traders as well as investors would now be able to send this gift to even those who are not investors and who do not have this App and this would encourage such users to not only use the app but also get interested in the cryptocurrencies as well as stocks. Cryptos are becoming a big craze among many of the retail investors due to their volatility and many major platforms, including Paypal, Robinhood and others have rushed into this space seeing the growing popularity and to sure that they don’t miss out.