Block has launched a new Cash App feature to allow users to give gifts in stock or bitcoin this holiday season, according to a report from Money.com on Tuesday (December 14).
New giveaway feature will let users send as little as $ 1 in stocks or bitcoin, and the company claims it’s “as easy as sending money” – and those who use it won’t even have to own stocks or bitcoins to offer it.
Block is the company formerly known as Square, which changed its name in early December and renamed its crypto operation to Spiral.
On Monday (December 13), a report from Bloomberg noted that the Robinhood trading app also had the ability to launch a crypto giveaway feature, although its users would send the crypto through digital gift cards. However, Robinhood has yet to say if the feature will go live.
PYMNTS recently reported on the name change from Square to Block, writing that Square’s name will still be part of the company’s sales activities.
âWe built the Square brand for our Seller business, to which it belongs,â said Jack Dorsey, co-founder and CEO of Block. âBlock is a new name, but our goal of economic empowerment remains the same. No matter how we grow or change, we will continue to create tools to help increase access to the economy. “
See also: Square Inc. is now Block; Brand to stay
The company said the change was a way to show the growth of the business by incorporating new assets such as Cash App and TIDAL. The name change was also a way to separate the corporate entity from the new businesses it was supporting, leaving Cash App and others to remain their own brands.
A company press release titled Block “A Global Ecosystem” of several companies, all of which have a unified goal of driving economic empowerment, and various artists, fans, developers and vendors.
Dorsey also stepped down as CEO at Twitter last month – a move that was meant to help him spend more time with Square.
Related: Jack Dorsey’s Twitter Exit Paves Way for Expansion of Crypto Influence