Square's Cash App Pilots Bitcoin Buying and Selling
Some users of Square's Cash App have quietly been given the option to buy or sell bitcoin within their accounts, according to reports.
A limited number of users of Square's Cash App have quietly been given the option to buy or sell bitcoin within their accounts, reports indicate.
According to Forbes, a Square spokesperson said in a statement that the payments company is "exploring" the option due to interest from customers, and the feature has been provided to a "small number" of Cash App users.
Cash App allows users to send and receive money from friends, family and co-workers, or accept payments for businesses, according to the firm. The new pilot appears to be primarily about allowing users to invest in bitcoin, since those given the new option can buy, sell and hold the cryptocurrency, but cannot make payments to contacts, according to the news source.
However, the firm's spokesperson continued to say that cryptocurrencies "greatly impact individuals' ability to participate in the global financial system."
There is no indication thus far on the daily buying or selling limits for the bitcoin feature, or any fees for the service.
Using cellphones image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.