Square To Enable Bitcoin Support To More Users In Cash App

Payments giant, Square, is in the process of increasing the number of people eligible to buy and sell bitcoin on its flagship app Cash App. Up until now only a small number of users have been able to access the cryptocurrency through the app.

Cash App Bitcoin Support

In a tweet to loyal users, the company says it will enable the capability to more active users in the coming days. The announcement follows major milestones that have rocked the crypto world in the recent past. Major U.S exchanges are set to launch bitcoin futures contracts in the coming days. The total market cap of the crypto market has also ballooned to over $300 billion.

Making it easy for more people to purchase bitcoin will go a long way in solving one of the biggest problems in the sector. While it is, still possible to buy and sell bitcoin through trading exchanges, most people have complained about the rigorous process that involves signing up and verifying identity in trading exchanges.

Being able to buy and sell bitcoin on Cash App is a significant milestone as it does away with the mind-boggling requirements in exchanges. However, it is still unclear the number of people, Square will allow to enjoy the capability.

“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 company said in a statement.

While Square is targeting a head start in the bitcoin exchange business, more services are expected to crop up making it even easier to buy and sell other cryptocurrencies. Making the bitcoin buy and sell feature available to more people affirms growing demand for Bitcoin even as it price continues to trade at highs of $12,000.

Bitcoin Tailwinds

Square move to launch bitcoin purchase feature to more people underscores positive feedback on the initial launch. However, betting big on the cryptocurrency could pose significant issues if caution is not taken.

Bitcoin market has been firing on all cylinders in part because of a lack of regulations in the U.S and Europe. Should regulators move to crack down on exchanges, Square could also find itself at crossroads given the fact that there have been concerns about illegal activities in the sector.

Growing concerns of a potential bubble burst in the space is another headwind that could affect Square sentiments in the sector. Given that Bitcoin has mostly traded on speculation rather than fundamentals, a potential crash could have serious ramifications on the players with significant interest in the space.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

Image courtesy of JD Lasica via Flickr