Block has debuted a new Cash App feature to allow users to gift in stock or bitcoin this holiday season, per a Money.com report Tuesday (Dec. 14).
The new gifting feature will allow users to send as little as $1 in stock or bitcoin, and the company claims it is “as easy as sending cash” — and those who use it won’t even have to own stock or bitcoin to gift it.
Block is the company formerly known as Square, who changed its corporate name at the beginning of December and renamed its crypto operation to Spiral.
On Monday (Dec. 13), a Bloomberg report noted that trading app Robinhood also had the capabilities to debut a crypto gifting feature, although its users would be sending crypto via digital gift cards. However, Robinhood has not yet said whether the feature will go live.
PYMNTS recently reported on Square’s name change to Block, writing that the Square name would still be a part of the company’s seller business.
“We built the Square brand for our Seller business, which is where it belongs,” said Jack Dorsey, co-founder and CEO of Block. “Block is a new name, but our purpose of economic empowerment remains the same. No matter how we grow or change, we will continue to build tools to help increase access to the economy.”
See also: Square Inc. is Now Block; Brand to Remain
The company said the change was a way to show the growth of the company as it incorporated new assets like Cash App and TIDAL. The name change was also a way to separate the corporate entity from the new businesses it was taking on, letting Cash App and others remain their own brands.
A company press release called Block “an overarching ecosystem” of several businesses, all of which have a unified purpose of boosting economic empowerment and various artists, fans, developers and sellers.
Dorsey also stepped down from his CEO role at Twitter last month — a move that was intended to help him spend more time with Square.
Related: Jack Dorsey’s Twitter Departure Sets the Stage For Expanding His Crypto Influence
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