Square Allows More Cash App Users to Buy BItcoin
Digital payments company Square is rolling out the ability to buy and sell bitcoin to more users of its popular Cash App.
The company announced today that, following news last year that it was testing the feature with a limited number of users, the option is being expanded further. That said, users in the U.S. states New York, Georgia, Hawaii and Wyoming – which have more restrictive regulations around the brokering of cryptocurrencies – won’t be able to access the option just yet.
The app allows users to send payments to their friends and family, though notably, they may not be able to share funds to generic contacts on their phones.
The company began trialing the bitcoin buy option last November, letting select users buy or sell bitcoin through their accounts.
In statements on Wednesday, Square chief executive Jack Dorsey (who also leads social media giant Twitter) endorsed the new service, posting that Cash App offers “instant buying (and selling if you don’t want to hodl).”
“We support bitcoin because we see it see it as a long-term path towards greater financial access for all. This is a small step.”
In addition to the bitcoin integration, the company also released a dedicated web page explaining bitcoin and how its underlying technology works.