The payment service, Square, which is located in San Francisco, just shared plans to focus on the development of more options for Bitcoin use. The CEO, Jack Dorsey, released this information on Tuesday.
Dorsey, who happens to be the CEO of Twitter as well, gave more details about the company’s Cash App, which now provides users with the ability to purchase and sell Bitcoins.
“Bitcoin, for us, is not stopping at buying and selling. We do believe that this is a transformational technology for our industry, and we want to learn as quickly as possible,” explained Dorsey.
Square’s total net revenue and adjusted revenue have greatly increased compared to Q3 of 2017, according to the company’s 2017 Q4 report. The report provided positive information regarding Bitcoin use in Square’s Cash App as well.
The report explained, “Additionally, customers can now buy and sell Bitcoin in Cash App. We observed that this was a feature our customers wanted, and we support Bitcoin because we see it as a step in the long-term path toward greater financial access for all.”
Cash App is available in all 50 US states, and allows its users to conduct rapid fiat transactions, free cash-outs and quick Bitcoin buy or sell options. This Bitcoin feature was first launched for some of its users in November of 2017. Then, in January, the company gave almost all its users access to the Bitcoin transaction option.
Square is a widely used payment service when it comes to fiat money. It will be interesting to see just how much use the Bitcoin feature gets via the Cash App.