Twitter CEO Dorsey's Square Cash App Facilitates Bitcoin Trading

Twitter CEO Dorsey's Square Cash App Facilitates Bitcoin Trading

Instant buying (and selling, if you don't want to hodl) of Bitcoin is now available to most Cash App customers.

Square Cash and LINE, two popular mobile apps, have announced that they will support the buying and selling of cryptocurrency on their platforms.

With more players entering the crypto businesses for making it easy for users to trade in cryptos and at a reduced cost, the competition is sure to get intense in the coming days and exchanges which are now sitting on huge cash moolah will have a run-for-their-money in the coming times.

Last week, stock-trading app Robinhood said it would roll out free Bitcoin and etherum trading in five states.

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The inclusion of Bitcon in the Square Cash application will indirectly encourage merchants to accept Bitcoin as payment, since Square operates on a PoS (Point of Sale) network. There's no limit to the number of Bitcoins users can sell.

"We support Bitcoin because we see it as a long-term path towards greater financial access for all". One Bitcoin now trades for about $10,000. CEO Jack Dorsey says the feature is "the first step" to making bitcoin more widely accessible, so the team also built a beginner's manual for bitcoin to further the effort. "The upside could be significant if cryptocurrencies become more mainstream".

Square Cash beat Apple Pay Cash to enabling sending money over iMessage and using a virtual debit card over Apple Pay in stores and in apps.

Robinhood Crypto will also not initially be available in NY, which is one of the toughest states for cryptocurrency trading since it requires a BitLicense. "Through our pilot, we've learned a great deal about how we can make this experience faster and easier and we're excited to expand its availability".

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