The company is also looking to strengthen its crypto business by investing $170 million in bitcoin
On Wednesday, Square’s Cash App announced that users can now send and receive Bitcoin with no transaction fees.
You can now instantly send bitcoin to other $cashtags for free, right from your Cash App.
To celebrate, we’re giving out $1 million in BTC. To enter, follow us & RT this post w/ your $cashtag & #CashAppBitcoin. Void where proh no purc nec. End 3/18 Rules: https://t.co/FsLOPfwD66 pic.twitter.com/dKR1fkGeB1
— Cash App (@CashApp) March 17, 2021
The step by the payment company could signal an increase in bitcoin use and adoption. The Recording Bitcoin team replied to the news by saying: “On Cash App, you can now send and receive #bitcoin for free, just as you can send dollars! @Jack, you’ve done a brilliant job! The rise of #Bitcoin is unavoidable”.
You can now send and receive #bitcoin for free on Cash App as easily as you can send dollars! Well done, @Jack!#Bitcoin is inevitable.
— Documenting Bitcoin (@DocumentingBTC) March 17, 2021
The Cash App team also revealed a $1 million bitcoin giveaway for users over the age of 18 who are legal US residents.
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Many purchases on the app are already free, but a user could be charged a small fee in some situations. If anyone sends money using a credit card linked to their Cash App account, for example, the amount would carry a 3% charge.
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Square’s strong growth in 2020 helped the company end December with 36 million active customers, up 50% year over year. The company is also looking to strengthen its crypto business by investing $170 million in bitcoin.
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So far in the first quarter of this year, the company has enabled several retail bitcoin investor transactions, resulting in the cohort acquiring the cryptocurrency faster than institutional investors. Retail investors have purchased 187,000 bitcoins this year, according to JPMorgan, compared to around 173,000 bitcoins purchased by institutions.
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Bitcoin was last trading around 1.4% lower at $58,049 on Thursday, but is up 97% so far this year.