Square Cash adds Bitcoin transactions for most users
Square said Wednesday that its Square Cash app now supports Bitcoin trading for most users.
Instant buying and selling of Bitcoin through Cash App is available to all users except those located in New York, Georgia, Wyoming or Hawaii, according to Square's website. It's working on the remaining locations.
Square says users can buy up to $10,000 worth of Bitcoin in a week through the app, however, there's no limit to the number of Bitcoin that can be sold. Square will hold Bitcoins on a user's behalf, and they can be sold or withdrawn from the app.
"We support Bitcoin because we see it as a long-term path towards greater financial access for all. This is a small step," Square CEO Jack Dorsey tweeted.
Before Bitcoin, the Square Cash app was used primarily to send and receive money from person-to-person as a competitor to Venmo. The app is available through iOS and Android, and users can withdrawal money whenever they need it and add money from their personal bank accounts. "Unlike other apps, most of our buys and sells happen in seconds," Square wrote on its website.
Square won't charge a fee for buying or selling Bitcoin, but the price of the digital currency bought and sold will be calculated from a quoted mid-market price that includes a spread.
Square Cash users will be able to spend their Bitcoin proceeds through the company's optional debit card.