Twitter CEO Jack
Dorsey.
Associated
Press
Square customers can now use the Cash App to buy and
sell bitcoin.
The feature has been in a limited trial phase since
December, but now anyone can use it except customers in New
York, George, Hawaii, and Wyoming.
Square CEO Jack Dorsey called it a "small step" toward
"greater financial access for all."
Two months after Square
teased cryptocurrency enthusiasts with a sparsely distributed
trial, the payments application has enabled bitcoin buying
and selling capabilities for most of its Cash App
customers.
Square CEO Jack Dorsey took to Twitter on Wednesday to
endorse the view that cryptocurrencies like bitcoin could be a
way for marginalized people around the world to access
wealth.
"We support Bitcoin because we see it as a long-term path
towards greater financial access for all. This is a small step,"
Dorsey
tweeted.
Though Cash App, a Venmo competitor, is primarily used to settle
small payments between friends, the bitcoin feature is only for
buying, selling, and holding the cryptocurrency, which has
traded around $10,000 for the last couple of weeks.
Cash App's main advantage is that it lets its users buy and sell
instantly, since the app already has access to cash balances and
bank accounts. Other bitcoin exchanges like Coinbase and Gemini
can take days to fully activate accounts because they review
identity and bank account information.
The company also lets its users spend bitcoin balances off of a
Visa debit card — a project many bitcoin startups have attempted.
Some, like Centra,
didn't succeed because the credibility of the company
discouraged Visa from supporting its efforts.
Cash App bitcoin trading isn't available in four US states
— New York, George, Hawaii, and Wyoming — though Square said it
is working on rolling it out in those locations.
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