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Crypto Reporter

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Square implements option to buy and sell bitcoin in its Cash app

November 26, 2017 By Crypto Reporter

PoS solutions provider and mobile payments operator Square, Inc., based in San Francisco, has recently announced it started a pilot program that would allow users to buy and sell bitcoin via its Cash app. During the testing phase the option has been made available to limited number of users.

“We’re always listening to our customers and we’ve found that they are interested in using the Cash App to buy Bitcoin. We’re exploring how Square can make this experience faster and easier, and have rolled out this feature to a small number of Cash App customers,” said Square representative. “We believe cryptocurrency can greatly impact the ability of individuals to participate in the global financial system and we’re excited to learn more here.”

Jack Dorsey, the CEO of Square and Twitter, has said that bitcoin is more of an investment vehicle than a means of payment. Dorsey said he himself has invested in the cryptocurrency.

Buying and selling bitcoin has become a huge business. Coinbase, the leading US platform for such services, has 12.5 million users, while $40 billion worth of digital currency has been exchanged on its website. Credit Suisse analysts estimate that if Square can add 10 million bitcoin buyers in the next two years, which would go in line with Coinbase’s growth, it could drive an additional $30 million in revenue.

“We believe the largest risk is regulation, which could limit its ability to provide the service or outright ban it. Square is also exposed to liquidity and counterparty risk as it must source bitcoin for users either by pre-buying or using an exchange,” said a Credit Suisse analyst. “Despite these risks, the upside could be significant if crypto currencies become more mainstream. We believe PayPal is also well positioned to provide such services.”

Filed Under: General News, News Tagged With: bitcoin, BTC, cryptocurrency, news, payment solution, payments, Square

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