Square Inc. is introducing Bitcoin (TIKER: BTC.EXANTE) trading for almost all users of its cash payments app, Bloomberg reported.
"We support Bitcoin because we see it as a long-term path towards greater financial access for all," Square CEO Jack Dorsey wrote in a tweet Wednesday. "This is a small step."
Square’s Cash app allows users to transfer funds on a person-to-person (P2P) or person-to-business basis, meaning you can pay a bill or send a friend $10. Today’s update will allow users to buy and deposit up to $10,000 USD worth of Bitcoin per week.
The company said most of the purchases and sales happen within seconds, and it won’t add an additional percentage or fixed dollar amount onto the sale of Bitcoin.
Square shares rose as much as 4.3 percent to $47.50 Wednesday after the announcement. The service will be available to most customers of Square cash, which lets users transfer money to friends and family. Those located in New York, Georgia, Wyoming or Hawaii are excluded.