Square is trying cryptocurrency in their Cash application, as indicated by TechCrunch’s reader Zach Miles on Twitter and affirmed by the organization.
The trial, which appears to just be accessible right now to few users, gives you a chance to purchase and offer bitcoin specifically in the application.
The interface is extremely minimal. Users who install the beta can swipe for the Cash Card page to get to bitcoin features. They will be able to see the balance in USD and BTC, a chart indicating the performance of the currency throughout the most recent day, month or year and purchase/offer buttons.
There is a button to produce a wallet address – but the balance in one wallet address we checked didn’t coordinate the user’s bitcoin possessions, which means Square is likely utilizing pooled wallets to hold user finances and not putting away private keys on a user’s phone, unlike Coinbase.
One source likewise said that an exchange sent to this address hasn’t yet appeared in his balance, so it’s certainly, even more, a beta than a completely practical release.
It appears that in any event, for the time being, the component is based on purchasing and offering bitcoin and not sending and accepting – which is bizarre considering Square Cash is known for sending and getting money.
It’s not yet clear what the charge structure will be or if there are every day purchasing or offering limits.
Jack Dorsey has talked freely about the advantages of cryptocurrency and the blockchain but hadn’t recognized that Square was chipping away at building the feature into their Cash application.
TechCrunch contacted Square for input and they said:
“We’re always listening to our customers and we’ve found that they are interested in using the Cash app to buy bitcoin. We’re exploring how Square can make this experience faster and easier, and have rolled out this feature to a small number of Cash app customers. 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.”