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Square tests Bitcoin buying and selling

(Image credit: Image Credit: Geralt / Pixabay)

The payment company Square is now allowing select users to buy and sell bitcoins via its Cash app as interest in cryptocurrencies continues to grow worldwide. 

The company first made a name for itself when it released the Square Reader which allowed vendors to accept credit cards using the 3.5 mm jack on their smartphones.  After manufacturers began to remove the headphone jack, Square released an updated reader with support for chip cards and contactless payments. 

Now the company is trying out bitcoin support in its Cash app after its users expressed interest in utilising its platform to buy and sell cryptocurrency

A spokesperson for Square explained the reasoning behind the new feature, saying: 

“We're always listening to our customers and we've found that they are interested in using the Cash app to buy bitcoin.  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's shares were up 1.8 per cent to $40.44 following the news though it has yet to announce when all of its users will be able to buy and sell bitcoin using its app. 

Image Credit: Geralt / Pixabay

Anthony Spadafora
After living and working in South Korea for seven years, Anthony now resides in Houston, Texas where he writes about a variety of technology topics for ITProPortal.