Jack Dorsey's Square Makes Cash App Available For Teens But Buying Bitcoin Is A No-No

Square Inc’s SQ Cash App is now available for teenagers —13 years and above — but that doesn’t mean they can buy Bitcoin BTC/USD.

What Happened: Cash App, which was only available for those aged above 18 years, is now available to 13 years and above individuals.

Cash App can be downloaded and subsequently used by teens after their parents or guardians give approval. However, not all the features of the Cash App will be available for teens.
Square CEO Jack Dorsey said on Twitter in response to a query from Bitcoin bull and MicroStrategy Incorporated MSTR CEO Michael Saylor that the younger user base would not be allowed to buy Bitcoin yet.

Does this mean teens can now buy #bitcoin?
— Michael Saylor (@saylor) November 3, 2021

Why It Matters: This paves the way for minors of a certain age group to get access to Square’s customizable “Cash Card.” Once the card is activated, it is possible to add it to Apple Pay and Google Pay even before the physical card is delivered.

Parents and guardians would be able to keep track of transactions of their teens through monthly statements and will have the ability to deactivate Cash Card and account at any time through customer support, as per the Cash App website.

Significantly, teens will also not be able to deposit checks through the Cash App, reported The Verge.

On Thursday, Square announced its third-quarter results. Cash App Bitcoin revenue fell 33% to $1.82 billion compared with the previous quarter. It rose 11% on a year-over-year basis.

The fintech firm’s Q3 earnings per share came in at $0.37 missing analyst estimates of $0.39.

Price Action: On Thursday Square shares fell almost 3% in the after-hours session to $239.96 after ending the regular session almost 2% lower at $247.46. At press time, BTC traded 0.66% lower at $62,269.60 over 24 hours.

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