Square’s Cash App Has Expanded to Include More Users
Square has just made a move that Bitcoin buyers and sellers will find useful.
The day has finally come in which most Square Cash users will be able to use its Cash App to buy and sell Bitcoin with their phones. The app was rolled out to select users last year, but now the number of users has been expanded to include most of its customers.
Jack Dorsey, the creator of Square, announced the development on Twitter Wednesday. The tweet states:
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.
Square began allowing for merchants to accept Bitcoin in 2014. Long a supporter of Bitcoin, Dorsey’s next move with its Cash App, is not that much of a surprise.
On its site, Square states:
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. You can even spend your proceeds from a free Visa debit card.
We told you about the Cash App in November when Bitcoin was trading at about $11,000. Since then, it’s soared to as much as almost $20,000 before a series of events caused it to fall. In fact, at the time of writing, Bitcoin was trading near $11,000.
Bitcoin has been trading between about $9,600 and $11,000 all week, so clearly this news from Square didn’t give it a bump.
When it learned of Square using its Cash App to allow people to buy and sell bitcoins, Credit Suisse released a note. Analyst Paul Condra wrote to his firm’s clients the following back then:
“Given Square’s tendency to move judiciously into new technologies, we expect it will do the same with bitcoin purchases. The upside could be significant if cryptocurrencies become more mainstream.”
Square sees its Cash App empowering people by giving them access to the financial system. A spokesperson’s statement said:
“Our customers have shown interest in a simple, approachable way to buy and sell Bitcoin. Through our pilot, we’ve learned a great deal about how we can make this experience faster and easier and we’re excited to expand its availability.”