Bitcoin Buy/Sell Option Passes Square’s Test, Added To Cash Appbr>
Digital payments company Square has announced that its Cash App has passed its beta test and now supports bitcoin trading for most users.
Cash App is a peer-to-peer payment system that allows people to pay each other directly and quickly. The new bitcoin trading update has been in trial mode for select users over several months and is now available to the public.
The company said users can buy up to $10,000 worth of bitcoin in a week through the app. However, there’s no limit to the number of bitcoin that can be sold. Square will hold bitcoins on a user’s behalf, and they can be sold or withdrawn from the app. The service will not be available for customers in New York, Georgia, Wyoming and Hawaii.
“We support bitcoin because we see it as a long-term path towards greater financial access for all,” said Square CEO Jack Dorsey.
To help newcomers to the cryptocurrency space, Square released a dedicated web page explaining bitcoin and how its underlying technology works.