Latest in Services

Image credit: Dado Ruvic / Reuters

Square tests buying and selling bitcoin inside its payment app

You can store it, but not send it -- for now.
334 Shares
Share
Tweet
Share
Save

Sponsored Links

Dado Ruvic / Reuters

Square Cash moved beyond sending money in February 2016 when it started letting users store their funds in account reserves, digital wallet-style. Starting today, you can use the service's mobile app to stash another type of currency: bitcoin. But only select users are seeing the feature.

"We're always listening to our customers and we've found that they are interested in using the Cash app to buy bitcoin," a Square spokesperson told Engadget when reached for comment. "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."

Currently, users can only buy, sell and store bitcoin -- not send them to other users. Given cryptocurrency's volatile nature, the service's cautious rollout makes sense. But bitcoin is certainly the biggest fish in that sea -- and it's having a banner year, climbing in value from just under $1000 per unit in January to a peak of over $7000 this month.

Despite all the ransomware and scandals associating the leading cryptocurrency with shadier corners of the internet, exchanges keep building out their bitcoin infrastructure. And with America's cash future veering further away from paper money and toward cards and apps, maybe Square Cash is wise to try combining its service with tomorrow's currency.

Source: Forbes
All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.
Comment
Comments
Share
334 Shares
Share
Tweet
Share
Save

Popular on Engadget

Law enforcement shuts down largest known child porn site on the dark web

Law enforcement shuts down largest known child porn site on the dark web

View
Moto G8 Plus may borrow features from higher-end phones

Moto G8 Plus may borrow features from higher-end phones

View
Google needs a sustainable phone moonshot

Google needs a sustainable phone moonshot

View
Volvo unveils the XC40 EV, its first full-electric vehicle

Volvo unveils the XC40 EV, its first full-electric vehicle

View
UK finally abandons its unworkable ‘porn block’ plan

UK finally abandons its unworkable ‘porn block’ plan

View

From around the web

Page 1Page 1ear iconeye iconFill 23text filevr