For those with crypto-savvy loved ones, Block’s Cash App will give users the chance to give the gift of Bitcoin.
On Tuesday, digital payments company Block, formerly Square, added the option for users to gift Bitcoin (BTC) for the holiday season (and beyond!). Starting from $1.00 increments, you will be able to send Bitcoin and stocks as a gift on the app.
Users do not need to already own Bitcoin in order to give the digital currency as a gift — while other exchanges have made it possible to gift crypto already, Cash App notes that this is most likely the first time that crypto gifts can be sent in a P2P payments app.
If you’ve received a crypto gift and are wary about holding a digital currency, you will also have the option to choose to receive your gift in USD.
Trends this year in crypto and decentralized finance (DeFi) meant that the world began learning more about cryptocurrencies: this means that gifting non-fungible tokens (NFTs) could actually be a good present that the receiver would understand and appreciate! Who knows what people will find under their digital Christmas tree.
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Just yesterday, CoinMarketCap Alexandria reported that trading and stock app Robinhood could also be rolling out
a similar crypto gifting feature this year. While the feature has not been officially announced — Bloomberg found code in a beta version that supported crypto gifts — what has been reported so far is that Robinhood crypto gifts would give you the chance to attach a personalized note.
Moreover, a reported feature includes the chance to take back your crypto gift if it is not claimed, just in case the recipient doesn’t believe in the magic of crypto.