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Square's Cash App Now Lets Customers Get Bitcoin Back on Purchases
Previously, Cash App had only allowed clients to get U.S. currency back on transactions.
Cash App, the cash-transferal app of payments giant Square, is now allowing customers to get bitcoin back on every transaction.
STORY CONTINUES BELOW
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New right now: earn bitcoin instantly when you use your Cash Card — only with Boost. pic.twitter.com/ckM1nFgcJ6
— Cash App (@CashApp) December 16, 2020
- Previously, Cash App had only allowed clients to get U.S. currency back on transactions.
- In November, in the company's Q3 earnings report Square said Cash App generated $1.63 billion of bitcoin revenue, up 11 times from the year-ago period.
- The move is another sign of the growing mainstream acceptance of bitcoin and the increasing importance of the leading cryptocurrency to Cash App and to its parent.
- It's also likely a move to stay a step ahead of rival PayPal, which recently dove head first into the cryptocurrency arena.
- Cash App's upgrade is the latest in a continuing trend of bitcoin-back rewards product offerings, after cryptocurrency lending firm BlockFi announced its partnership with Visa to launch a bitcoin-back credit card in early 2021, per CoinDesk's prior reporting.
Kevin Reynolds
Kevin Reynolds is editor-in-chief at CoinDesk. Prior to joining the company in mid-2020, Reynolds spent 23 years at Bloomberg, where he won two CEO awards for moving the needle for the entire company and established himself as one of the world's leading experts in real-time financial news. In addition to having done almost every job in the newsroom, Reynolds built, scaled and ran products for every asset class, including First Word, a 250-person global news/analysis service for professional clients, as well as Bloomberg's Speed Desk and the training program that all Bloomberg News hires worldwide are required to take. He also turned around several other operations, including the company's flash headlines desk and was instrumental in the turnaround of Bloomberg's BGOV unit. He shares a patent for a content management system he helped design, is a Certified Scrum Master, and a veteran of the U.S. Marine Corps. He owns bitcoin, ether, polygon and solana.
