Square’s cryptocurrency-friendly payment app Cash App is reportedly testing a new feature allowing customers to buy and sell stocks.
Expanding Cash App
Citing a source familiar with the matter, Bloomberg reported on Sept. 12 that the San Francisco-based startup’s employees began testing the new feature in recent weeks. Once released, it will allow Cash App users to make free stock trades.
Square has reportedly not yet determined the exact date of the new option launch.
Cash App and crypto
Square made Bitcoin (BTC) deposits available on Cash App in late June. At the time, deposits were limited to $10,000 worth of Bitcoin in a seven day period, while transfers could take several hours to be confirmed on the blockchain.
In July, Cash App announced a giveaway of $50,000 worth of BTC following the continued growth of its stock price. At the time, Square’s stock was up about 56% in 2019, having started the year at $57.2 and trading at $81.8 at the time, according to MarketWatch data. Bitcoin, on the other hand, increased its value by about 157% over the same period.
Jack Dorsey and crypto
Also this summer, Square’s founder Jack Dorsey — who is also the creator of social media giant Twitter — was putting together a team dedicated to improving crypto infrastructure in general. Back then, Dorsey commented on the advantages for Square too, saying:
“Just from a business perspective, we don’t look like an Internet company today. An Internet company can launch something and it’s available around the world. Whereas with payments, you have to go to each market and pay attention to regulators. You need a partnership with a local bank. This is a very slow process in any new market.”