This Wednesday Jack Dorsey, the CEO of the payment processing firm Square, revealed the company’s Cash App users can now purchase and sell bitcoin. Back in November the Square Cash App’s bitcoin functionality was only available to select individuals for experimentation. Now, most of the app’s users can access the ability to buy and sell the digital currency using the platform.
Also read: Japan’s DMM Bitcoin Exchange Opens for Business With 7 Cryptocurrencies
The Payment Company Square Says Satoshi’s Vision Is Having an Impact All Around the World
The merchant services aggregator and mobile payment company Square has announced its bitcoin feature is now available for most of its Cash App users. The news follows the company’s testing last November when it allowed select users to use the feature that enables individuals the ability to purchase BTC. Additionally, the firm’s CEO Jack Dorsey promoted the new app with a colorful blog post about bitcoin, and it’s creator Satoshi Nakamoto. The story that describes the innovative technology concludes by saying:
That’s a lot to imagine, isn’t it? One thing is clear though: Satoshi’s vision is having an impact all around the world.
Square says the Cash App offers users the ability to send and receive BTC between family and friends. The company also emphasizes that bitcoin’s prices can be “volatile and unpredictable” and it asks its users to make “wise financial decisions.”
“We’ve made it just as easy to buy and sell BTC straight from your Cash App balance — Unlike other apps, most of our buys and sells happen in seconds, and you can even spend your proceeds from a free Visa debit card,” explains Square’s announcement.
Jack Dorsey the CEO of Square and Twitter is a big fan of bitcoin.
Greater Financial Access for All
Jack Dorsey who also runs the company Twitter explains to his followers on the social media platform that instant BTC buying is now available.
“And selling, if you don’t want to ‘hodl’ — Bitcoin is now available to most Cash App customers,” Dorsey explains.
We support bitcoin because we see it as a long-term path towards greater financial access for all — This is a small step.
Right now there are only four states that cannot access the bitcoin services on Square’s Cash App which include Hawaii, New York, Wyoming, and Georgia. Due to harsher cryptocurrency regulations, those states will not see the bitcoin feature available for the time being.
What do you think about Square’s Cash App and Jack Dorsey’s recent statements? Let us know what you think about this story in the comments below.
Images via Pixabay, Square, and AP/2015August
Need to calculate your bitcoin holdings? Check our tools section.