The Square Cash app is now testing support for Bitcoin, and has provided a select group of customers with the ability to buy or sell the cryptocurrency within the app. The new feature is part of an effort by Square to explore how the company can improve the Bitcoin buying experience for those who want to invest in the world’s most well-known digital currency:
According to a company spokesperson,
“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 customer. 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.”
The new feature provides customers with the current Bitcoin price, and offers easy access to the Bitcoin purchase option. For now, the test only facilitates Bitcoin buying and selling, and offers no payment options for those who may want to send digital currency to others.
The news appears to have contributed to a spike in Bitcoin’s price on Wednesday, as its value climbed above the $7,200 mark once again.