Payments platform Square has hired Steve Lee as the first member of its new crypto team.
Based in San Francisco, California, Square is a financial services, merchant services aggregator, and mobile payment company. The company’s Cash App allows person-to-person money transfer via the app or website.
Payments platform Square has announced that its users can now use Cash App to buy bitcoin in all 50 US states.
In November 2017, Square integrated bitcoin on its Cash App to allow users to buy, sell and hold bitcoins, but not to make payments with it.
Payments platform Square has withdrawn its application to the Federal Deposit Insurance Corporation (FDIC) for a special purpose banking license, although it plans to refile its paperwork at a later date.
In September 2017, Square applied with the FDIC for a special “industrial loan company (ILC)” license,
Payments platform Square is struggling to make a profit with bitcoin, according to its earnings report from earlier this week.
Square reported during its earning call that it has earned $34 million from bitcoin-related revenue, but spent almost that much to set it up with its platform.
Jack Dorsey, CEO of Twitter and payments platform Square, believes bitcoin will overtake the world’s supply of fiat currency within ten years.
In an interview with The Times of London, Dorsey said that the “father of cryptocurrencies” will become the world’s single currency within a decade.
Payments platform Square is planning to roll out consumer-to-merchant payments via bitcoin.
During a private media call with MarketWatch, Jack Dorsey, CEO of Square and Twitter, said: “Bitcoin, for us, is not stopping at buying and selling. We do believe that this is a transformational technology for our industry,
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.
Payments platform Square is experimenting with bitcoin on its Square’s Cash app. For now, the app only allows users to buy, sell and hold bitcoins, but not to make payments with it, as it does with dollars.
A Square spokesperson confirmed the experiment.
