Square’s CEO Jack Dorsey has announced that the company’s Cash payments app can now be used to directly purchase Bitcoin. The service, however, will not be available to Square Cash customers in New York, Georgia, Wyoming, and Hawaii due to local laws which require the company to first get a BitLicense.
Jack says that Cash sees Bitcoin as a “long=term path towards greater financial access to all.” Square had first rolled out Bitcoin trading through its Cash app in mid-November before rolling it out to more customers in December. Customers are limited to purchasing Bitcoin worth $10,000 per week through the app. There’s no limit on the amount of Bitcoin they can sell on a daily or weekly basis though.
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
All transactions are done with Square acting as the intermediary and not directly between the Bitcoin buyer-seller. Square will not charge any transaction fees for the same and will calculate the price of Bitcoin after looking at its prices on major exchanges.
Cash is not the first app to allow for Bitcoin trading on iOS. There are plenty of other apps on the iOS App Store that let you trade Bitcoins and other cryptocurrencies like Etherum and Ripple. In fact, Cash is pretty late to the game as the hype around Bitcoin has largely died down and the cryptocurrency now trading around $10k-11k. The move, however, will help Cash gain in popularity as many people are still looking for ways to invest in Bitcoins.