Back in November 2017, Square’s Cash App started allowing users o buy and sell bitcoin from their accounts. The feature was secretly rolled out to a “small number” of users, reportedly to test user interest. The Cash App has been helping people send and receive money without fees for a while, and now made the bitcoin buy/sell options official.
Via Twitter, Square CEO Jack Dorsey – who also runs social media giant Twitter – revealed the move. In his tweet, he also included a short cartoon titled “My First Bitcoin,” explaining the cryptocurrency. At the end of the cartoon, it prompts users to buy bitcoin using the app.
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://t.co/z3u0liDNk4
— jack (@jack) January 31, 2018
The feature is now available to nearly all Cash app users. It isn’t available for those in New York, Georgia, Hawaii or Wyoming, presumably because of local regulations. The company revealed it’s working on bringing the feature to all its users, but didn’t add any other details.
Square rolling out the feature is significant, as it allows newcomers to easily buy and own bitcoin. Although the company warns bitcoin’s price is “volatile and unpredictable,” it adds it won’t charge additional fees on cryptocurrency purchases made through the Cash App.
Users won’t be able to buy more than $10,000 worth of Bitcoin per week. The cryptocurrency’s price on the app is based on a quoted mid-market price, an average across major exchanges. Regarding the announcement, Square’s website reads:
“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.”
Cash App introduces newcomers to bitcoin
Jack Dorsey’s company didn’t just introduce bitcoin buy and sell options to all its customers, it is also educating newcomers. Using the “My First Bitcoin” cartoon, Cash App’s official Twitter account is also spreading the word.
1/100,000,000th of a Bitcoin is called a Satoshi https://t.co/rCWQ7Whm3d
— Cash App (@CashApp) February 1, 2018
Other than that, Square is selling bitcoin-related merchandise to its users. The company is seemingly empowering people by giving them access to the financial system, and helping them learn more about it.
Given Cash App’s recent activities on social media, its bound to keep helping its users learn about bitcoin and its underlying technology. Square’s moves comes after the Robinhood app revealed it will allow users to trade bitcoin and Ethereum.