Square Cash, Line Announce In-App Cryptocurrency Buying And Selling

Square CEO announces support for Bitcoin payments

Square CEO announces support for Bitcoin payments

For those who might have security concerns about making cryptocurrency transactions with the new feature, the Cash App assured users that buying and selling bitcoin on the platform is safe.

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.

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Bitcoin is now trading at $9,310.01, down 6.3% as of today 10.30 AM ET, according to Coinbase.

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.

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Download Square Cash for free on the App Store. The app isn't adding a fee to purchases, but the sale price will be a mid-market price averaged from different exchanges, and include a spread.

Dorsey also stated that his company supports Bitcoin because it is seen as a long-term path towards greater financial access for all and the decision to support the crypto currency is a small step in that direction. "This strategy could also drive greater adoption of Square Cash and we note SQ is well positioned to potentially facilitate crypto-payment purchases at Square merchants at some point in the future".

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Commission-free stock trading app Robinhood announced last week it was rolling out free bitcoin and trading in five states beginning in February. The cryptocurrency is held by Square on the user's behalf. Unlike other apps, most of our buys and sells happen in seconds. We've made it just as easy to buy and sell BTC straight from your Cash App balance. There's no limit to the number of Bitcoins users can sell. Also, Bitcoin has now slipped below $9500 mark and is currently trading at $9305.60, according to CoinMarketCap.

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