- Square customers can now use the Cash App to buy and sell bitcoin.
- The feature has been in a limited trial phase since December, but now anyone can use it except customers in New York, George, Hawaii, and Wyoming.
- Square CEO Jack Dorsey called it a «small step» toward «greater financial access for all.»
Two months after Square teased cryptocurrency enthusiasts with a sparsely distributed trial, the payments application has enabled bitcoin buying and selling capabilities for most of its Cash App customers.
Square CEO Jack Dorsey took to Twitter on Wednesday to endorse the view that cryptocurrencies like bitcoin could be a way for marginalized people around the world to access wealth.
«We support Bitcoin because we see it as a long-term path towards greater financial access for all. This is a small step,» Dorsey tweeted.
Though Cash App, a Venmo competitor, is primarily used to settle small payments between friends, the bitcoin feature is only for buying, selling, and holding the cryptocurrency, which has traded around $10,000 for the last couple of weeks.
Cash App’s main advantage is that it lets its users buy and sell instantly, since the app already has access to cash balances and bank accounts. Other bitcoin exchanges like Coinbase and Gemini can take days to fully activate accounts because they review identity and bank account information.
The company also lets its users spend bitcoin balances off of a Visa debit card — a project many bitcoin startups have attempted. Some, like Centra, didn’t succeed because the credibility of the company discouraged Visa from supporting its efforts.
Cash App bitcoin trading isn’t available in four US states — New York, George, Hawaii, and Wyoming — though Square said it is working on rolling it out in those locations.