The Square Cash App is an app that allows sending and receiving fiat money. It is a product of the mobile payments company Square. Today, Square makes Bitcoin (BTC) trading available for almost all its customers, excluding New York, Georgia, Hawaii, and Wyoming habitats.
CEO of Square and Twitter, Jack Dorsey, announced the launching of the service in a tweet on 31 January 2018, which also included a cartoon entitled “My First Bitcoin,” explaining Bitcoin to the beginners.
Square works on a Point-of-Sale (PoS) network. This means that the Bitcoin addition to its mobile services can lead in the future that any merchant that uses Square’s payment system will be able to accept Bitcoin as a form of payment.
According to the company, no additional fees for buying and selling BTC on the Cash App will occur. However, the app will calculate the trading price from the quoted mid-market price, an average across significant exchanges. Square stated that the limit for BTC buying per week would be $10,000, while there will be no limit for BTC selling.
In November 2017, Square had announced that they would release a BTC trading option to a select of 3 million customers, leading their stock to jump $1 billion in five days. Since the recent announcement, the stock of the company had increased by more than 3 percent when it closed Wednesday, 31 January.
The Square’s decision came after Robinhood’s announcement that it would begin trading in Bitcoin and Ethereum without fees in February.
Coinbase is considered to be the most reliable exchange for crypto trading although it charges transaction fees. With the addition of Robinhood and Square to the crypto trading sphere, with more than 1 million users on the waitlist for Robinhood’s cryptocurrency trading platform, it is apparent that the crypto trading applications’ market is heading to a decentralized direction.