TL; DR Breakdown
- Gwyneth Paltrow will host a Bitcoin giveaway after partnering with Cash App
- Gwyneth wants more people to adopt the digital asset
- Cash App will spend $1 million on the giveaway
Bitcoin and digital assets have continued to become one of the go-to options in the financial system. This is because they double as a means of exchange and making profits. However, few entities are now using them to make people happy through gifting. In a recent update, Cash App has announced that it has partnered with movie star Gwyneth Paltrow to launch a Bitcoin giveaway on its website platform.
Gwyneth wants more adoption of Bitcoin
According to the actress, she has been a long fan of the digital asset, and she is glad that Cash App has provided her this opportunity. The movie star will share the digital asset worth $500,000 among her fans and followers on social media. However, things point to that only users on Instagram and the microblogging platform Twitter will enjoy the benefits.
Gwyneth also mentioned that she was banking on this opportunity provided by Cash App to make massive positive impacts on people in her community. She also hopes that they could drive adoption in most places aside from learning about the digital asset. Although the move looks like a philanthropic act, Gwyneth is helping Cash App increase the reach of its new program. The app allows traders to send as little as $1 in Bitcoin and other assets to their friends and families in its program.
Cash App will spend $1 million on the giveaway
For users to win, they have to comment on the movie star’s posts when the giveaway starts. In a statement by Cash App, users are open to earning rewards over $100 during the period. Paltrow is one of the king lines of celebrities participating in the giveaway across last month.
In its statement, the platform said it had earmarked about $1 million to be shared among users during the festive season. Cash App has gained popularity worldwide after the platform integrated crypto payments into its activities in the last few years. The platform under Square’s wings, a company floated by Jack Dorsey, the ex CEO of microblogging platform Twitter.
Block has been a famous backer of Bitcoin through Dorsey, with the company now owning about $377 million worth of Bitcoin. Cash App has announced that the giveaway will end on January 14.