There are already several methods to offer cryptocurrency; but Cash Software’s peer-to-peer payments app is getting a new feature that will make it even easier.
The app which is owned by Block (the business formerly known as Square); will now allow users in the United States to give Bitcoin; as well as traditional equities; in the form of gifts to other Cash App users.
While services such as Stockpile allow users to give shares and cryptocurrency; it claims that this is the first time such functionalities have been offered in a peer-to-peer payments app.
Features of Cash App Using USD Balance Or Debit Card
The tool expands on previous Cash App capabilities; which allows users to transfer bitcoin for free to any $Cashtag on the app.
The new “gifting” option differs in a manner that users may now give Bitcoin using their Cash App USD balance or debit card; rather than merely their current Bitcoin amount.
According to the firm; for this functionality to operate; customers will transmit the fiat value of the stock or Bitcoin from their Cash App balance or a connected debit card.
While the previous function of donating Bitcoin was only accessible through the investing tab; the new feature is accessible through both the app’s payment tab and a new “gift box” button on the investment tab.
When the receiver accepts the gift, they will get the asset’s market value. If they don’t want to accept the stock or bitcoin “gift;” they can choose to get the present in USD instead.
Of course; the debut coincides with Cash App’s ability to capitalize on Christmas gift-giving and might make for an easy last-minute present.
However, the website stresses that customers can opt to divide bills and repay pals by giving them stocks or Bitcoin rather than cash.
More significantly, the functionality may act as a method for existing users to encourage novices to invest; to begin with, stock ownership or Bitcoin through this app rather than a competitor’s app.
This inclusion of the gifting feature from Cash App is just another addition to the ongoing popularity of crypto in the business space.