Fintech startups from all over the world are working around the clock to develop top-class mobile apps for cryptocurrency trade. And they quite manage to achieve simple yet efficient results. The US-based Square provided full support for bitcoin in 46 states within the USA.
Fintech startups from all over the world are working around the clock to develop top-class mobile apps for cryptocurrency trade. And they quite manage to achieve simple yet efficient results. The US-based Square provided full support for bitcoin in 46 states within the USA. The news comes just a few days after Robinhood announced they are launching a cryptocurrency trading platform.
Square users now have the opportunity to buy and sell cryptocurrency. Jack Dorsey, CEO, shared his thoughts on twitter saying that the company believes that bitcoin and other cryptos are shaping the future of payments and this belief had driven their desire to develop a crypto trading feature.
Since November 2017, a small group of Square users was able to trade with bitcoin but since then the numbers have been constantly increasing. We do not know the exact number of customers who participated in the pilot but as of today, crypto trade is publicly available in all US states with the only exception being Georgia, New York, Wyoming, and Hawaii. Probably these four were excluded due to the strict regulations on crypto trade.
Square’s Cash App already has more than 5 million downloads in Google Play and holds the third spot in Apple’s App Store finance apps list. And the numbers are hardly surprising for anyone who is familiar with the outlook. It is super simplified and intuitive and it is almost impossible to screw something up.
Once you open the app and create your account you simply have to connect it to your credit/debit card. Apart from that you can instantly buy and sell digital tokens. The difference between Square and other apps like Coinbase is in the commission rates. In fact, you can trade with bitcoin and spend $0 on fees. Yes, you read it right. Cash App does not charge you.
However, there are some drawbacks as well. You have a weekly purchase limit of $10,000 but there are no limits on selling. The Square app hold all of your funds and though you are able to withdraw them to a wallet the in-app wallet is a bad idea. Furthermore, Square has not yet provided the security measures it had taken in order to protect customers’ belongings.
And one more thing, for now, customers are unable to transfer coins between each other and there is no info whether Square has any intention to fix this.