Square’s Cash App enables bitcoin trading
However, US customers in New York, Georgia, Hawaii and Wyoming won’t have the ability to trade just yet.
Mobile payments company Square has integrated the ability to buy and sell bitcoin through its Cash App.
Square co-founder and chief executive Jack Dorsey announced the advancement in a tweet on January 31.
Users can now buy and sell bitcoin directly from their Cash App balances, according to Cash App’s website.
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
However, due to prohibitive and strict cryptocurrency trading regulations, United States customers in New York, Georgia, Hawaii and Wyoming won’t have the ability to trade bitcoin through the Cash App just yet.
The Cash App allows users to send and receive payments.
Customers are limited to $10,000 in bitcoin buys per week, although there’s no amount limits imposed for what can be sold. Additionally, users are not able to send their cryptocurrency directly to other Cash App users.
Square holds the bitcoins on behalf of users and said it would not add extra fees to bitcoin transactions. Buy and sell prices will be calculated and determined by analyzing major exchanges valuations.
The payments company claims that “unlike other apps, most of [its] buys and sells happen in seconds”.
Square encouraged traders to make wise decisions, warning that bitcoin’s price is “volatile and unpredictable”.
“Don’t spend more than you can afford, and review the FAQ and risks to buying before you buy,” Square said.
Square began testing crypto trading among a “small number” of users late last year, according to Forbes.
Another US-based trading app popular with millennials, Robinhood, recently announced that it will allow users to trade cryptocurrencies, commission-free, alongside stocks, exchange-traded funds (ETFs) and options strategies. The app will also offer real-time market information, tracking the values of 16 different digital coins and providing current market news and updates, as well as the ability to create customized price alerts.
Additionally, crypto platform Stellar Lumens released its 2018 Roadmap, revealing plans to incorporate high-volume micropayments enterprise the Lightning Network to enhance scalability and improve security.