Screenshots of the feature started appearing on social media last week after it was quietly released to a select group of users. A “small group” of customers who use Cash—Square’s Venmo rival—will see a simple buy/sell interface with a chart showing Bitcoin’s meteoric rise in value.
— Zach Miles (@zachmil_es) November 8, 2017
Interestingly, the feature doesn’t let users send or receive Bitcoin to other users, which is unusual considering Square’s main function is to send and receive cash.
A company spokesperson confirmed the feature in a statement to Forbes.
“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. 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.”
Twitter and Square CEO Jack Dorsey hasn’t been shy about his feeling for Bitcoin. He called it the “the next big unlock” in an interview with the Verge, though he never spoke of integrating it with Square.
Twitter user Zach Miles said Bitcoin on Square Cash is stored in a wallet that is accessible from the app. He also said there doesn’t appear to be fees associated with buying/selling the cryptocurrency. Miles posted a short demo of the feature on Twitter.
the experience is instant and seamless. here is a video showing where it is in the app: pic.twitter.com/GMJulaQWVr
— Zach Miles (@zachmil_es) November 15, 2017
Bitcoin’s value has exploded this year, reaching record-breaking highs of more than $7,000 earlier this month. The original cryptocurrency recovered again from a brief decline, surging more than nice percent today in the hours after news of Square’s support surfaced.