Technology is continually providing convenient ways to send and receive money, cryptocurrencies and even stock. Thanks to apps provided by fintech companies, people can send and receive money in any form, all without having to visit a bank or financial institution.
Mobile payment service CashApp announced today that it is rolling a feature that will allow users in the US to send and receive the world’s largest cryptocurrency Bitcoin and traditional stock. Although CashApp isn’t the first platform to launch this service as Coinbase and Stockpile already allow users to do this, this is the first time CashApp is launching the feature.
CashApp is owned by Jack Dorsey-owned Block (formerly known as Square) and thanks to this new feature, US users will be able to ‘gift’ other users Bitcoin and stocks seamlessly like they normally would with regular cash.
The feature is an extension of CashApp’s functionality that allow money and Bitcoin to be sent to any Cashtag on the app for free. The only difference is that users can gift Bitcoin and stocks using either their CashApp USD balance or their debit card; they do not have to have an existing Bitcoin balance. In other words, to send Bitcoin or stock, senders do not have to previously own them before they can send them.
As explained by CashApp, when sending Bitcoin or stock, senders have to send the fiat value of the stock or Bitcoin from either their CashApp balance or a linked debit card. The receiver receives the market value in Bitcoin or stock. Receivers can additionally choose to receive what is being sent in USD.
CashApp’s launch of this new feature may be quite strategic as the company may be leveraging the holiday period where sending cryptocurrencies and stock could make for last-minute gifts. The new feature will also help CashApp raise its earnings as well as increase its members as old members will encourage new and prospective ones to take advantage of stock and Bitcoin ownership.
CashApp, however, faces competition from other payment platforms like Venmo and PayPal that already allow users to send and receive cryptocurrencies.
Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.
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