Square Cash is a cash transfer service released by Square in October 2013. Just like Venmo, Square Cash gives users the ability to directly send money to each other within their phone application using a linked debit card or via email. It also allows for businesses to get paid through the app for Square’s usual tax of 2.75% per transaction.
The latest update lets you use your Cash balance to instantly buy and quickly sell BTC, and adding funds to your Cash app takes just a few taps. Square Cash isn’t the first iOS app to let you quickly buy and sell BTC, but it does have the benefit of already being used by tons of users.
Recently, Square added the ability to trade Bitcoin through their app. You can buy or sell the virtual currency instantly. Because Square operates on a Point of Sale network, it’s very possible that any business that uses this to accept payment will be able to accept Bitcoin as payment for goods and services as well.
The company has stated that they won’t be adding any additional fees for trading Bitcoin on the Cash App. The application calculates the current price at which you’re able to buy and sell, an average across all major exchanges. According to Square’s site, users are able to buy up to $10,000 in Bitcoin weekly, but there is no limit on how much you can sell.
Previously, Square had announced that they would be releasing this Bitcoin trading option to a select number of customers, which in turn caused their stock to jump $1 billion in five days. Since their announcement, Square’s stock has increased by more than 3 percent when it closed Wednesday, Jan. 31.
Download Square Cash for free on the App Store.