Backed by Square, Inc. Cash App has introduced a new feature that allows buying bitcoin on automatic mode.
According to an official press release, a new feature called Auto Invest is the implementation of an averaging strategy when a user buys an asset in small volumes over long periods to reduce the impact of exchange rate volatility.
"You don’t need perfect timing if you’re thinking long-term. By spreading purchases out, you can minimize the impact of market swings," the press release states.
A new feature is available for bitcoin and stocks. The minimum recurring amount is $10. In addition, a function to display the account balance in Satoshi was added to the Cash App. This is supposed to allow retail investors to value their assets in cryptocurrency.
Previously iHodl reported that Cash App generated $528 million of revenue in the first quarter of 2020 (+8% year over year).
According to a letter to shareholders, Cash App revenue included $306 million in bitcoin (EXANTE: Bitcoin) revenue during the quarter, which benefited from an increase in transacting active bitcoin users and growth in customer demand amid the massive drop of bitcoin price in March.
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