Square Supports Bitcoin
Square's Cash app makes it incredibly easy for friends, family members, and co-workers to send money to one another. Users can then transfer their money to their bank account or just save it within the app and spend it from there. Now, the makers of the Cash app appear interested in expanding to other currencies, namely bitcoin.
As reported by TechCrunch, a small number of users noticed last week that their Cash app had been updated to support the buying and selling of bitcoin.
As the bitcoin integration is still in beta, features are limited, but right now, users can buy and sell bitcoin, as well as track the currency's value and performance over the last day, month, or year. To access the new features, the users simply need to swipe right from the main Cash Card page.
However, the app's core feature — sending and receiving money — doesn't support bitcoin yet. This was reported by Forbes as well as TechCrunch, who cited a source claiming a transaction had yet to be reflected in their bitcoin balance.
In a statement provided to both outlets, Square confirmed that the bitcoin features have only been enabled for a small number of users. That access will likely expand once any kinks are worked out, and it's also probably safe to assume more features will be added in the future, as well as support for other cryptocurrencies, such as ether.
That said, the company is confident in bitcoin's ability to change how people make transactions.
“We’re always listening to our customers, and we’ve found that they are interested in using the Cash app to buy bitcoin," said a Square spokesperson in a statement to Forbes and TechCrunch.
"We’re exploring how Square can make this experience faster and easier and have rolled out this feature to a small number of Cash app customers. We believe cryptocurrency can greatly impact the ability of individuals to participate in the global financial system, and we’re excited to learn more here,” they added.
We'll have to wait to see if the Cash app and Visa card ever come to support bitcoin transactions. If the latter comes to fruition, it would be the latest in a growing number of crypto debit cards that makes spending cryptocurrencies just as convenient as spending traditional money.
The recently announced Dragoncard from the London Block Exchange aims to provide this very service in the U.K., but Square and the Cash app could do the same for the U.S. if the work is done to make it possible. Support from Square could also make it easier for people to enter the world of bitcoin trading and understand how the currency works.
Ultimately, there's something to be said for familiarity, and Square may have enough of it to help usher bitcoin into the mainstream.
Disclosure: Several members of the Futurism team, including the editors of this piece, are personal investors in a number of cryptocurrency markets. Their personal investment perspectives have no impact on editorial content.