Square CEO Jack Dorsey announced that Bitcoin can now be purchased in the Cash app. However, the service will not be available in New York, Georgia, Wyoming and Hawaii due to local restrictions that require the company to first obtain a BitLicense.
For the Cash app, Jack says, Bitcoin is “the beginning of a long journey towards better financial management for everyone.” Square first added the ability to buy / sell Bitcoins to the Cash app in mid-November. In December, the feature became available to more users. The amount of Bitcoins in the app is not limited by a daily or weekly limit.
Instant buying (and selling, if you don’t want to hodl) of Bitcoin is now available to most Cash App customers. We support Bitcoin because we see it as a long-term path towards greater financial access for all. This is a small step.
We also made this! https://t.co/z3u0liDNk4
– jack (@jack) January 31, 2018
Square acts as an intermediary in all transactions, i.e. they do not occur directly between the seller and the buyer. Square will not take any commission, and the price of Bitcoin is determined based on the data of the largest exchangers.
Cash is not the first mobile app for iOS where you can buy Bitcoin. There are many applications in App Store that allow you to do the same. Moreover, Cash entered the game quite late. Talk about Bitcoin has already begun to subside, and the price of the cryptocurrency is now around 10-11 thousand dollars. However, the company's decision will help the Cash app become more popular. Many users keep looking for new ways to invest in cryptocurrency.
Also read: How to buy bitcoin with iPhone