According To A Report, Square Is Unleashing Crypto onto More Of Its Cash App Users

Square is increasing the number of people eligible to buy and sell bitcoin on its Cash App, the company founded by Twitter CEO Jack Dorsey said on Twitter Tuesday.   The company has been running a trial on Cash App, a rival to Venmo, that has allowed only a small number of users to purchase bitcoin.Square Inc. Begins Trading On The NYSE Following IPO
According to  Business Insider it represents a “noticeable increase.”The expansion of the service comes after some major milestones in the crypto world. Since news broke on November 14 of Square’s foray into bitcoin, two major US exchanges announced the specific launch date for their respective bitcoin futures contracts and the total market-cap for the crypto-market blew past $300 billion.Square said in mid-November it added the feature to Cash App because users asked for it.”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,” the company said in the statement.

At first, Wall Street responded positively to the news. It sent the stock up to an all-time high near $50 per share by November 24. The stock ended the trading day Tuesday at $37.60 per share.

A full roll-out of the feature would put Square up against cryptocurrency exchanges such as Coinbase and Gemini.

Written By: Tommy Lightfoot Garrett
Photographs are Courtesy: Square; AP
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