Square (SQ), the payment company, has announced that instant buying and selling of Bitcoin is now available to most of its Cash App customers. That is all customers aside those in New York, George, Hawaii, and Wyoming (the idea is to make the app available in these locations soon).
The Cash App is an app that lets you transfer dollars and Bitcoin between peers and businesses, stores dollars and Bitcoins, pairs with its debit/credit card, and now also offers instant buying and selling of Bitcoin in most states.
The Cash App means its easier than ever for businesses and individuals to accept Bitcoin as payment, but it also means its easier than ever to invest in Bitcoin (either to hodl or to buy and sell quickly).
The bottom line here is that another segment of the population now has access to Bitcoin trading. It also means that it is easy to swap between dollars and Bitcoins when making payments or transferring funds.
SQ stock jumped up 3% following the announcement. Meanwhile, Bitcoin is still struggling a bit, but good news like this is likely to help ward off further corrections.
Below is Jack’s Tweet:
Instant buying (and selling, if you don’t want to hodl) of Bitcoin is now available to most Cash App customers. We support Bitcoin because we see it as a long-term path towards greater financial access for all. This is a small step.
We also made this! //t.co/z3u0liDNk4
— jack (@jack) January 31, 2018