Cash App – a crypto-supported payment app developed by Square – is reportedly putting a new upgrade through testing phase, which would enable customers to conduct stocks-related transactions.
Reported by Bloomberg on September 12, the startup headquartered in San Francisco has been putting the new feature through testing phase for a few weeks now. Upon its official introduction, clients will have the ability to buy and sell stocks with zero service fee.
The precise release date of the development is yet to be determined.
Square has added Bitcoin (BTC) deposits upgrade in Cash App in June this year. At the release time, Bitcoin deposits are not allowed to cross the $10,000 benchmark, within a 7-day timeframe, and customers had to wait for hours to have their transactions confirmed on the blockchain.
In July, Cash App hosted a give away activity, with the prize shot up to $50,000 equivalent in Bitcoin, following the steady rise in value of the firm’ stock price. At the time, Square’s stock witnessed a sharp increase of 56% in 2019, with figures standing at $57.2, and trading at $81.8.
Square’s CEO – Jack Dorsey – has also formed a team of experts, with a primary goal to enhance crypto infrastructure.
“Just from a business perspective, we don’t look like an Internet company today. An Internet company can launch something and it’s available around the world. Whereas with payments, you have to go to each market and pay attention to regulators. You need a partnership with a local bank. This is a very slow process in any new market.”