jack dorsey

  • Square, the mobile-payments company, has been allowing some of its users to buy and sell bitcoin on its Cash App.
  • The company said on Tuesday it was rolling out the service to additional users.

Square is increasing the number of people eligible to buy and sell bitcoin on its Cash App, the company founded by Twitter CEO Jack Dorsey announced on Twitter Tuesday.

The company has been running a trial on Cash App, a rival to Venmo, that has allowed only a small number of users to purchase bitcoin.

Here’s the announcement:

Blockchaiiiiinnnnn. We’re rolling out bitcoin to more of our most active customers. Swipe right from your Cash Card to see if you have it. #satoshi pic.twitter.com/iMxHg1vRAg

— Cash App (@CashApp) December 6, 2017

A person familiar with the expansion told Business Insider it represents a “sizeable and noticeable increase.”

The expansion of the service comes after some major gains for the crypto world. Since news broke on November 14 of the company’s foray into bitcoin, two major US exchanges announced the specific launch date for their respective bitcoin futures contracts and the total market-cap for the crypto-market blew past $300 billion.

Square said in November it added the feature because users asked for it.

“We believe cryptocurrency can greatly impact the ability of individuals to participate in the global financial system, and we’re excited to learn more here,” the company said in the statement.

At first, Wall Street responded positively to the news. It sent the stock up 20% to an all-time high near $50 per share on November 24. The stock ended the trading day Tuesday at $37.60 per share.

The full roll-out of the feature could put Square up against cryptocurrency exchanges such as Coinbase and Gemini.

A research note penned by Credit Suisse analysts Paul Condra and Mrinalini Bhutoria Read More Here