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Venmo’s biggest rival now supports buying and selling Bitcoin

Illustration by Jason Reed

Only a small group of customers can use the feature.

Square, the popular credit card payment startup, is letting some users buy, sell, and hold Bitcoin directly from its app.

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.

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.

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.

Phillip Tracy

Phillip Tracy

Phillip Tracy is a former technology staff writer at the Daily Dot. He's an expert on smartphones, social media trends, and gadgets. He previously reported on IoT and telecom for RCR Wireless News and contributed to NewBay Media magazine. He now writes for Laptop magazine.