There are a variety of methods to give 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 (previously known as Square), will now allow users in the United States to give bitcoin as well as conventional equities as presents to other Cash App users in the United States. While services like Stockpile and Coinbase enable users to give stocks and cryptocurrencies, Cash Software claims that this is the first time such functionality has been included in a peer-to-peer payment app.
The addition expands on Cash App’s previous capability, which allows users to transfer bitcoin to any $Cashtag on the app for free. Users may now send bitcoin using their Cash App USD balance or debit card, rather than only their existing bitcoin amount, which makes this new “gifting” option unique. That means users using the Cash App mobile app do not have to possess any bitcoin — or any stock, for that matter — to transfer it as a gift.
Users will transmit the fiat worth of the stock or bitcoin from either their Cash App balance or a connected debit card to make this functionality operate, according to the business. Previously, transferring bitcoin could only be done through the investing tab, but now it may be done using the app’s payment tab or through a new “gift box” option on the investment tab. When the receiver accepts the gift, they will give the asset’s market value. If they do not want to take the stock or bitcoin “gift,” they can choose to get the present in US dollars instead.
Of course, the debut comes just in time for Cash App to cash in on the holiday gift-giving season, and it might be a simple last-minute present. Users may now divide bills and repay pals by transferring stocks or bitcoin rather than cash, according to the business. More significantly, existing users to persuade novices to investing to use Cash Software instead of a competitor’s app to get started with stock ownership or bitcoin might use the functionality.
Cash Software is not the first peer-to-peer app that has entered the investing or cryptocurrency sector; PayPal and Venmo, two of Cash App’s main competitors, both allow users to purchase, hold, and trade cryptocurrencies. Venmo has provided the possibility for credit card users to buy bitcoin with their cashback this year as another way to encourage people to invest through its app. It had positioned the function as a means for newbies to get into the market without having to worry about the bitcoin acquisition procedure.
Similarly, Cash App’s giving option might help attract new investors who might not have looked into bitcoin investments on their own but were encouraged to do so by a friend or family member. The new functionality is available to Cash App customers in the United States starting today.