Square, Inc., a financial services, merchant services aggregator and mobile payment company based in San Francisco, California started alowing users to make operations with Bitcoin within Square Cash app.
The company was planning to launch the operations with digital currency for several years, making the first announcement in 2014.
On November 15, Michael Novogratz, investment banker and an ex-hedge fund manager, formerly of the investment firm Fortress Investment Group, tweeted about Square Platform which finally implemented the pilot function allowing users to buy and sell Bitcoin.
Big news -- looks like Square is adding a function to buy and sell BTC... the herd is coming #bitcoin
— Michael Novogratz (@novogratz) 15 November 2017
News has started to spread that a certain number of users of the Square Cash App can now use it to buy and sell Bitcoin, confirmed by the users themselves, although the Square Inc. company did not make any new official statements yet. Nevertheless the spokesperson of the company expressed their position towards Bitcoin transactions.
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. 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.
Spokesperson of Square Inc.
The fact that some people can use the Square Cash app to deal in Bitcoin came as an unexpected surprise. The application currently allows the users to buy, hold, and sell Bitcoin, but it can not be yet used to make payments. Although there is a chance that it’s only a matter of time that the full operations with Bitcoin and cryptocurrency will be implemented and it depends on whether this test run will be successful.