Square’s Cash App Eyes Expansion into Free Stock Trading: Report – CCN.com


Square’s Cash App is reportedly testing a free stock trading service.

A report published by Bloomberg claims that the publication has seen a video demonstrating the product’s features. According to an anonymous source cited in the report, the platform has been in testing for several weeks. A launch date for the service is purportedly yet to be decided.

Should Cash App launch a free stock trading service, the company would be entering into direct competition with Robinhood Markets, which has recently been valued at $7.6 billion.

In a letter to shareholders issued during Q2, Square estimated that Cash App generated $135 million in revenue excluding BTC sales.

Binance Banner  

At the start of February 2019, Cash App ranked as the second most popular application on the Apple App Store. Three months earlier, the company estimated its monthly active user base to be 15 million.

Cash App Launched Bitcoin Trading in 2018

After beginning as a platform solely facilitating the sending and receiving of fiat currency, Cash App expanded to offer bitcoin (BTC) buying and selling services early last year.

The service rolled out bitcoin trading to all states excluding New York, Georgia, Hawaii, and Wyoming during January 2018. Within eight months, Cash App users could from all 50 U.S. states were able to trade BTC.

Square Sets Sights on “Marking the Crypto Ecosystem Better”

In a recent interview with Australian Financial Review, Jack Dorsey, the CEO and founder of Square, revealed that the company was hiring “five open-source engineers to work entirely on making the crypto ecosystem better.”

Coinbase Banner  

Dorsey predicted that the internet “will have a native currency” but asserted that bitcoin should not be considered a currency:

“It’s not functional as a currency. The peaks and troughs are like an investment asset and are equivalent to gold. What we need to do is make it more usable and accessible as a currency, but it’s not there yet.”

Square has not yet responded to CCN’s request for comment.

Last modified (UTC): September 13, 2019 7:33 PM

Go to Source
Author: Samuel Haig


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.