US digital payment company Square has rolled out a Bitcoin trading feature to most users of its popular Cash mobile app. The move was announced yesterday by the company’s chief executive officer Jack Dorsey, who also indicated that his firm believes in the cryptocurrency’s success in the long term.
“Instant buying (and selling, if you don’t want to hodl) of Bitcoin is now available to most Cash App customers. We support Bitcoin because we see it as a long-term path towards greater financial access for all. This is a small step,” Dorsey said in a tweet.
Square began testing support for Bitcoin trading through the Cash app in November, when t rolled out the feature to a small number of users. Now the option has been expanded to all Cash users, with the exception of users located in the US states of New York, Georgia, Hawaii and Wyoming.
Customers using the service will be able to buy $10,000 worth of Bitcoin per week, but the will be no limit to the amount of Bitcoin they can sell, the company said on its website. Users will also be able to transfer Bitcoin from the app to third-party wallets, but the option to send Bitcoin directly to other Cash users is not currently supported by the app.
The announcement provides a bit of positive news for the original cryptocurrency, which has suffered heavy losses following a recent string of worrying reports and developments. As of 16:23 GMT, the Bitcoin price stood at $9,267.46, down 7.7% from the same time yesterday. This is the cryptocurrency’s lowest price level since November 30, data from Coinmarketcap shows.