There are already a number of ways to offer cryptocurrency, but today Cash App will make things easier with a new feature rolled out in its peer-to-peer payment app. The app, owned by Block (the company formerly known as Square) will now allow users in the US to send bitcoin, along with traditional stocks, as a gift to other US app users. Cash.
While services like Stockpile and Coinbase allow users to offer stocks and cryptocurrencies respectively, Cash App notes that this is the first time that such features have been offered in a peer-to-peer payment app. .
The feature builds on the previous functionality of the Cash app which allows users to send bitcoins for free to any $ Cashtag in the app. What makes this new ‘giveaway’ feature different is that now users can send bitcoin using their Cash App USD balance or debit card, not just their existing bitcoin balance. This means users don’t have to own bitcoin – or stocks, for that matter – on the Cash App mobile app to send it as a gift.
For this feature to work, users will actually send the fiat value of the stock or bitcoin from their Cash App balance or a linked debit card, the company explains. While the previous bitcoin send functionality was accessible from the investment tab, the new functionality is available both from the app’s payment tab or from a new “box” button. -gift âon the investment tab.
The recipient will then receive the market value of the asset at the time they accept the gift. But if they prefer not to accept the âgiftâ of stocks or bitcoin, they can choose to receive the gift in USD instead.
Of course, the launch comes just in time for Cash App to capitalize on holiday giveaways and could be an easy last minute giveaway. But the company notes that users can now also choose to split their bills and reimburse their friends by sending them stocks or bitcoin, not just cash.
More importantly, perhaps, the feature can serve as a way for existing users to encourage newcomers to invest to get into stock ownership or bitcoin through Cash App, as opposed to a competitor’s app. .
Cash App isn’t the only peer-to-peer app that has flourished in the investment or crytpo market – its main rivals, PayPal and Venmo – both also offer the ability to buy, hold and sell cryptocurrencies.
Additionally, Venmo this year added the ability for credit card users to purchase cryptocurrency with their cashback, as another way to get users to invest through its app. He had positioned the feature as a way for newcomers to enter the market without having to worry about the cryptocurrency buying process.
Likewise, the Cash App giveaway feature could help attract other new investors who may not necessarily have researched bitcoin investments on their own, but who were invited to do so by a friend or member of family.
New feature launched today for Cash App users located in the United States