Square Inc (NYSE:SQ) to Roll out Bitcoin Feature to More Users

Square Inc (NYSE:SQ) has announced plans to roll out the Bitcoin feature on its app to more customers. In November, Square Cash announced that it was allowing a small number of its users to trade bitcoins through the platform. The Bitcoin trial is currently available to Square Cash app’s “most active users,” the company tweeted.

Through a Tweet, CEO Jack Dorsey said the company was opening doors to more Cash app users to buy and sell bitcoins. The company did not, however, give timelines for the expanded rollout.

Using the app, users can buy bitcoins by swiping right on their Cash Card page. Since the announcement, Bitcoin’s value has surged past $12,000 while Square Cash stock price rose marginally.

Through its spokesperson, Square Cash revealed in November that a number of customers wanted to use the Cash app to trade bitcoins. The limited trial of the bitcoin feature sought to assist customers to take part in the global financial system.

Jack Dorsey revealed in an earlier interview that has invested in the cryptocurrency. He said he views bitcoin as an investment vehicle rather than a payment method. He confirmed that he has invested in the cryptocurrency. Predictably, the bitcoin feature differs from a regular bitcoin wallet. First, it is designed to allow trading of bitcoins and not to primarily promote the use of bitcoins as a payments method. Notably, the app is different from a regular Bitcoin wallet. And this contrasts with the company’s core business of sending and receiving digital cash.

The expanded roll out of the Cash app feature comes at a time when the Bitcoin is attracting lots of attention, with its value appreciating tremendously over the last few months. Its price has risen by 1,231% in 2017. For Square Cash, 2017 is proving to be a good year, with its stock price soaring 176%.

Wednesday’s announcement is expected to further propel Square Cash’s appreciation. Its shares gained a further 2% in the pre-market trade to trade at $37.60 per share at 9.37 a.m London Time.

 

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Abbott Michael

Abbott Michael

Michael joined US Markets Daily in 2009 and is a national news reporter focusing on economic issues, data analysis and the financial health of state and local governments.