Square’s Cash App came up with the announcement for its users that they can now send and receive bitcoin with no fees on transactions. This move of the payment company is accelerating potential points to a rise in the use and adoption of cryptocurrencies.
While responding to the announcement, the team of Documenting Bitcoin is saying, “You can now send and receive #bitcoin for free on Cash App as easily as you can send dollars! Well done, @Jack! #Bitcoin is inevitable.”
The Cash App team came up with a further announcement with a $1 million giveaway in bitcoin, which is opening to the users who are legal US residents over 18 years old. Many of the transactions on this app are already free. However, there are some cases in which the users can also get charged with a small fee. For example, if someone sends money through a credit card, which is linked to their Cash App account, the total is going to include a 3% fee.
The improving performance of Square in 2020 helped it to end December with 36 million active customers. It is representing 50% of the year-on-year jump. The company is further looking forward to strengthening its crypto business through a $170 million bitcoin investment.
The company is facilitating many retail bitcoin investor transactions in the first quarter of this year. This is resulting in the cohort, which is accumulating the cryptocurrency much faster than the institutional investors. JPMorgan has found that retail investors managed to bring 187000 bitcoins in this quarter, compared to 173000 bitcoins, which the institutions opted for purchasing. Bitcoin, at last, was trading around 1,4% lower at $58049 on Thursday, which is up by 97% so far in this year. Hopefully, this is going to bring more profit for the company and also it is going to make the transactions easier for the users in every aspect.