Jack Dorsey’s Payments Firm ‘Block’ Enables Bitcoin Gifts for Cash App Users

People interested in gifting Bitcoin to their friends and family via Cash App do not need to buy the tokens separately.

By Radhika Parashar | Updated: 15 December 2021 11:36 IST

Jack Dorsey’s Payments Firm ‘Block’ Enables Bitcoin Gifts for Cash App Users

Photo Credit: Twitter/ Cash App

Cash App shared the official announcement of enabling Bitcoin gifting on its app on Twitter

Highlights

Minimum Bitcoin gifting value is $1 (roughly Rs. 77) on Dorsey’s apps
The process of Bitcoin gifting will be similar to transferring money
Many online payments companies adapting crypto gifting services

Twitter founder Jack Dorsey's Block (formerly Square) will allow the users of Cash App to exchange Bitcoin and stocks as gifts this holiday season. Block is the parent company of Cash App. In a bid to rope in more people to try out this Bitcoin gifting experiment, Block has kept the minimum value of the Bitcoin gift to be as little as $1 (roughly Rs. 77). An announcement about this initiative was officially posted on Twitter.

Cash App in its Twitter announcement said that it is not mandatory for people to actually buy or own any Bitcoin or stock before gifting it to their loved ones via the app.

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. So this holiday season, forget the scented candles or novelty beach towel, and help your cousin start investing. pic.twitter.com/HS0CqusiLS
— Cash App (@CashApp) December 14, 2021

This September, the Cash App reported 70 million annual transacting users and gross profit worth $1.8 billion (roughly Rs. 13,693 crore) from its markets, the UK and the US.

“Cash App uses advanced security features to protect millions of people and payments each year. From verification locks to data encryption, we take steps to make sure your money and information are safe,” claims Dorsey's app website.

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Block and Cash App are, however, not the first digital payment platforms to stitch the crypto element with their services ahead of the Christmas and New Year festivities.

PayPal and Coinbase are also allowing users to wrap up crypto assets as gifts and payments for third parties.

Because the best kind of gift is one they can HODL :gem::raised_hands::gift:

This holiday season you can give the gift of crypto through our new digital gifting experience featuring art from up-and-coming artists.

Learn more :point_down:https://t.co/734C9Bpz34 pic.twitter.com/0QV0xxnZrm
— Coinbase (@coinbase) December 10, 2021

In fact, stock and crypto trading platform Robinhood is also expanding its services by adding the crypto gifting feature to its popular app. Still in its Beta version, the feature is presently being tested, Bloomberg reported.

Most platforms that are beginning to offer this crypto-gifting option are based and functional in the US.

In a recent study, crypto financial services firm BlockFi revealed that Americans are actually willing to accept including Bitcoin, Ether, and Dogecoin as gifts this holiday season.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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Further reading: Bitcoin, Jack Dorsey, Cash, Block, PayPal, Coinbase, Robinhood

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More