Square joins bitcoin revolution; SpherePay to launch own-brand cryptocurrency
Square is joining the growing list of tech firms entering the crypto-trading markets, enabling nearly all users to buy and sell bitcoins across its Cash payments app.
Shares in Square got the inevitable bittcoin boost when chief executive Jack Dorsey signalled the move on Twitter.
Instant buying (and selling, if you don’t want to hodl) of Bitcoin is now available to most Cash App customers. We support Bitcoin because we see it as a long-term path towards greater financial access for all. This is a small step.
Square first began limited testing of bitcoin trading on its Cash app in mid-November and rolled out access to more customers in December.
The company is joining a crowded field of crypto-enthusiasts in the new virtual economy, including Revolut, Robinhood and Coinbase.
Separately, South East Asian mobile payments company SpherePay has announced plans to launch its own cryptocurrency, called Say, which will sit alongside other virtual currencies such as bitcoin and ether in an encrypted currency wallet with an accompanied QR code payment feature. Set for launch in March, the company says that users will be able to spend their cryptocurrencies to purchase everyday items via the SpherePay app.