Square announced support for Bitcoin
Square, a company engaged in digital payments, provided an opportunity to buy and sell bitcoin for users of its mobile application Cash App.
The feature, which from last year tested a limited number of users, will now be available to all Cash App customers. But in the US states, where more stringent rules are adopted for crypto-clearing intermediation, in particular in Georgia, New York, Hawaii and Wyoming, this function will still not be available.
The company began using bitcoin in payments in November, allowing users to buy and sell crypto currency through their accounts.
On Wednesday, the head of Square, as well as the man who led the company's Twitter account, Jack Dorsey, approved the new service, saying that Cash App started offering a convenient opportunity for "immediate purchase and sale of assets for those who do not want to use their crypto currency as a means of saving ".
Another great step towards decentralisation. One of the great thing about Square is its lack of fee's but I think that probably the best thing about this, in the long run, is that it provides yet another "on ramp" for people which, in turn aid the further reductio to the friction that exist for people who want to enter the market. This is only going to get better when the "Robinhood effect" kicks in and we start to see more and more decentralised exchanges. The easier it is for people to get into the space the better. I suppose that my only concern is that many people will not understand the volatility of the market, get burnt and never venture back. This was the first I heard of this development so thanks for the the post. Cheers J
Square is a beast @thepioneer! I bought there stock (SQ) at $25, sold it at $48! It went down into the $30's and is now back in the $40's... thinking about getting back in. Not only are they rocking payments for Small Businesses, they are also expanding their business with loans, and now crypto. And they still are expanding in Europe & Asia. Love this company!!!