The Square Cash App is all over the latest cryptocurrency news for apparently testing a new feature which will allow customers to buy and sell stocks. According to Bloomberg’s reports on September 12 which cite a source familiar with the matter, the San Francisco-based startup and its employees began testing the new feature in the recent weeks.
Once the Square Cash App releases the new stock trading features, it will allow its users to make free stock trades. Praised on many best cryptocurrency news sites as a great feature, there is a lot of buzz around this – even though Square has reportedly not yet determined the date of the launch of this feature.
For those of you who haven’t been following our Bitcoin and altcoin news, Square made Bitcoin (BTC) deposits available on its Cash App in late June. At the time, the deposits were limited to $10,000 worth of BTC over the span of 7 days. Square Cash App was limited in terms of transfers too – it could take several hours for one to be confirmed on the blockchain.
In July this year, the Square Cash App also announced a giveaway of $50,000 worth of BTC following the growth of its stock price. At the time, the stock of Square was up about 56% in 2019, after starting the year at $57.2 and trading at $81.8 at the time as MarketWatch data showed.
The founder of Square Cash App and Square as a company, Jack Dorsey, is also the creator of the social media giant Twitter. Earlier this year, he was putting together a team of dedicated experts committed to improving the crypto infrastructure in general. Back then, he commented on the advantages for Square too, stating:
“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.”
The new announcement about stock trading features on the Square Cash App has been well received by the crypto community.
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