November 16, 2017 7:47 PM
Square quietly begins supporting bitcoin transactions for selected users in an apparent pilot program.
This month, the mercantile credit card service Square, Inc. began testing support for bitcoin transactions on its Cash App, available in the iTunes and Android app stores respectively.
It appears that only select users have access to the limited release of the service, which enables them to buy, sell, and hold bitcoin. Those granted access to the bitcoin service can visit the “Cash Card” screen on the app and swipe their mobile devices right to see a 24-hour, monthly, or annual chart tracking the bitcoin market price. Balances can be viewed in both BTC and USD, and users are able to generate wallet addresses. Some users have reported that their wallet addresses show balances that are inconsistent with their actual holdings, which indicates Square may be utilizing a pooled wallet to manage user assets.
Cash App has yet to integrate features that would allow users to make payments to friends with bitcoin.
According to a statement made by a Square spokesperson, the move to support bitcoin on its platform was based on customer demand. “We’re always listening to our customers and we’ve found that they are interested in using the Cash App to buy Bitcoin. 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.”
Since users noted the addition of bitcoin to Cash App, the value of Square, Inc. stock has risen over 13 percent.
Jeremy Nation is a writer living in Los Angeles with interests in technology, human rights, and cuisine. He is a full time staff writer for ETHNews and holds value in Ether.
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