TL; DR Breakdown
- Cash App will allow users to send crypto and stock to their friends
- The service is available to Cash App’s 40 million users
- Companies are now leaning towards crypto
In the last few months, companies have realized the power that digital assets and the crypto sector possess. With this, most of them have been allowing their users to facilitate their transactions using these assets. Others have even started to adopt them, buying them for keeps while the rest are making them one of their payment options. Block has announced that it will tap Cash App to allow its users to send Bitcoin through the holidays.
Crypto and stocks to Cash App’s 40 million users
According to the statement from Block, previously known as Square, users will be allowed to gift both digital assets and stocks throughout the holiday period. Another statement from the payment platform via microblogging platform Twitter said its users would be allowed to send as low as $1 in digital assets or stocks. Notably, Cash App boasts of one of the highest users in terms of a payments platform with about 40 million every month.
Cash App allows users to facilitate cash transactions across accounts on the platform. Cash App has become the latest payment facilitator to allow its users to send or hold crypto after PayPal and crypto exchange Coinbase. In its statement, Cash App assured users that they do not need to own digital assets before using the services necessarily.
Companies are now leaning towards crypto
In its statement, Cash App noted that it wants its users to help their relatives and friends start investing as early as possible. A recent study has shown that United States citizens prefer to get paid in digital assets, with most of them holding one crypto or another.
Another survey pointed out that they are open to receiving gifts in top digital assets like Bitcoin, Dogecoin, and Ethereum. However, the study noted that most of them lacked the technical know-how to carry out transactions relating to digital assets. Also, some experts in the market have criticized the move to send Bitcoin to novices in the market.
Most of them believe that this move has been responsible for the highest number of missing Bitcoin. While Cash App is helping its users gift their loved ones crypto, other firms have started to take donations in the leading digital asset. A recent example is a recent announcement from Unbanked where it said it would start accepting digital assets for its Toy for Tots initiative. The initiative provides gifts for children who are in the system or disadvantaged.