Block Will Allow Cash App Users To Gift BTC For The Christmas Holidays

Block will allow cash app users to be able to gift BTC for the Christmas holidays to other users of the app as we can see more today in our latest Bitcoin news.

Cash App said in a Twitter account:

“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.”

The app owned by Digital Payments company Block previously known as Square, joined other services like Stockpile, Coinbase, PayPal to allow the users to gift stocks and crypto to third parties but Cash App noted that this is the first time these features were offered in a peer to peer payments app. Block noted that the Cash app uses can also split the bills and repay their friends by sending them stocks or BTC and not just cash. The reprots previously show that Cash App generated $1.82 billion in BTC revenue and $42 million in BTC gross profit during the third quarter of 2021 as both increased 11% and 29% year-on-year. The feature could encourage more users to start investing and to become owners of stocks and BTC via the Cash App.

The reports show that Square Inc is a credit-card reader business that renamed itself Block Inc with more plans to broaden services towards blockchain, cash transfers, and even music. The name change of the payments giant co-founded by crypto supporter Jack Dorsey who quit as the CEO of Twitter was effective from December 10.

As reported recently, On May 6, Square released its filings for the first quarter of 2020. These filings showed the revenue for Square Cash App’s use, a majority of which came from BTC. As the crypto news now shows, even $306 million of Cash App’s $528 million in revenue for the first quarter of the year came from Bitcoin. Cash App reported a 115% increase in profits year-over-year. In an investor call on May 6, a member of the team at Square credited “efficient new customer acquisition,” which usually translates to good marketing as well as ease of use.

Square has been experimenting with plenty of crypto-based ideas like the one we saw in November when it released a white paper for a decentralized exchange for trading Bitcoin and other assets. Dorsey also said that the company is looking into building Bitcoin mining machines that will go hand in hand with the hardware wallet that is already under development.