While investors are still waiting for the SEC to approve the first major bitcoin ETF, more and more companies are doing everything they can to cash in on the cryptocurrency craze.
What You Need To Know
Square Inc SQ is the latest company to dip its toes into the bitcoin waters by providing a select number of its Square Cash users with the ability to buy and sell bitcoin right in their Square Cash app, according to a TechCrunch report.
Users who have access to Square’s beta testing can simply swipe right from their Cash Card page and click a button to generate a wallet address.
“We’re always listening to our customers and we’ve found that they are interested in using the Cash app to buy bitcoin. We’re exploring how Square can make this experience faster and easier, and have rolled out this feature to a small number of Cash app customers,” Square said in a statement.
Square has not yet disclosed its potential fee structure or outlined daily buying or selling limits.
Why It's Important
Square’s bitcoin beta test comes just weeks after CME Goup Inc CME said it will be providing its customers with access to bitcoin futures for the first time ever in the fourth quarter.
Gain Capital Holdings Inc GCAP stock initially spiked 15 percent back in October when the company announced it would be launching bitcoin trading on its platform.
With shares of the OTC-listed Bitcoin Investment Trust GBTC now up 700 percent in 2017, it’s understandable why traders are so anxious to get in on the game.
Square's stock was trading up about 2.7 percent on the news.
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