Payment application Square to launch Bitcoin investment feature
According to a recent job posting, the new fintech startup payment company Cash.App, founded by Twitter co-founder Jack Dorsey, is set to offer its customers "auto-investing" and peer-to-peer "Bitcoin gifting."
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Sales Continue to Soar
During the bear market of the cryptocurrency industry in 2018, the financial technology startup Square, operated by Twitter CEO Jack Dorsey, ventured into the Bitcoin business, offering Bitcoin trading services to customers through its flagship application Cash.App.
Prior reports from ABM also indicated that Cash.App reached $148 million in Bitcoin sales in the third quarter of this year, surpassing the $125 million in the second quarter. Many users are using Cash.App as a tool for their first Bitcoin investment, especially after the introduction of a new user interface. The company noted:
Since the redesign of the user interface, the number of users making their first Bitcoin purchase has approximately doubled.
Nevertheless, some users are dissatisfied with the Bitcoin features, and compared to traditional cryptocurrency exchanges, Cash.App lacks many investment features. The introduction of these features could potentially benefit Bitcoin investors.
It seems that Square has heard the feedback from users.
Possible Launch of Bitcoin Investment Features on Cash.App
According to a report, Square recently posted a job listing for a product manager in its Cash.App division, mentioning in the job description on LinkedIn:
You will drive the adoption of "Crypto Investing" related products, taking full responsibility for adopting them in ways you see fit, including new features such as limit orders, automatic investing, or building peer-to-peer Bitcoin gifting. You will collaborate cross-functionally with colleagues in marketing, legal, and product departments.
In recent months, Bitcoin investors, including the CEO of Square, have been advocating for the concept of "stacking satoshis." This encourages investors to buy small amounts of Bitcoin at any time and price to eliminate biases and "FOMO" emotions in investing.
In fact, Cash.App has significant potential in the Bitcoin field, allowing U.S. users to easily purchase Bitcoin directly with a credit card through the application, which has become a popular purchasing method. With the introduction of new features, it will make it easier for a large number of Americans to participate in Bitcoin investment.
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