SQUARE CASH APP WITH BITCOIN BUY/SELL OPTION
For now: Good news for the U.S. users
Mobile payments company Square has its own application, Square Cash App. It’s available only for U.S. users at the moment. It’s an app for sending and receiving fiat currency. The company has released its app update that makes Bitcoin (BTC) trading available for almost all of its U.S. users. Although it’s not available for users outside the U.S. but the news itself and its implications are significant.
Jack Dorsey, who is the CEO of Square and also of Twitter, published the news in a tweet on January 31st:
“@jack: Instant buying (and selling, if you don’t want to hodl) of Bitcoin is now available to most Cash App customers. We support Bitcoin because we see it as a long-term path towards greater financial access for all. This is a small step.”
“We also made this! https://cash.me/bitcoin”
The linked video is a simplified short story of Bitcoin, how to use it and what to do with it. Of course, the video’s message is:
“Ready to buy your first Bitcoin? Cash App is already the easiest way to send and receive money with friends and family. We’ve made it just as easy to buy and sell BTC straight from your Cash App balance. Unlike other apps, most of our buys and sells happen in seconds.”
By adding BTC to its mobile services any merchant that uses Square’s payment system will potentially be able to accept Bitcoin as a form of payment in the future.
The company says they will not add additional transaction fees for buying and selling BTC on the Cash App. According to Square’s website information, users can buy up to $10,000 in BTC a week, while there is no limit for selling.
Square had previously announced in November 2017 that they would release a BTC trading option to a select 3 million customers, causing their stock to jump $1 billion in five days. It appears everybody welcomes news about developments like this.