On Monday, New York’s Department of Financial Services granted Square a virtual currency license. This action allows users of the Cash app, in the state of New York, to trade bitcoin. Bitcoin trading launched for most Cash users in late January.
Cash is owned by Square and has 7 million monthly active users, the company said in its first-quarter earnings call. The Square Company combines software with hardware to enable sellers to turn mobile devices and computing devices into payments and point-of-sale solutions. Once a seller downloads the Square Point of Sale mobile application, they can take their first payment. With its offering, a seller can accept payments in person via magnetic stripe (a swipe), Europay, MasterCard, and Visa (EMV) (a dip), or Near Field Communication (NFC) (a tap); or online via Square Invoices, Square Virtual Terminal, or the seller’s Website. Once on its system, sellers gain access to technology and features, such as reporting and analytics, next-day settlements, digital receipts, payment dispute management and chargeback protection, and Payment Card Industry (PCI) compliance. On the consumer (buyer) side, Square Cash offers individuals access to a way to send and receive money.
The CASH APP explained from https://cash.app
With the Square Cash app, you can now send money to your friends and family instantaneously, for free.
Square Cash also allows you to grab your $Cashtag and share a customized link to your free cash.me profile with anyone, letting you receive payments from inside the browser.
If you are a business, you can request payments for a 2.75% transaction fee.
Bitcoin spiked suddenly Monday afternoon following news users of the “Cash” mobile payments app could trade the cryptocurrency in New York. It is unclear if the news about CASH was responsible for the spike in Bitcoin. Some cryptocurrency enthusiasts are reporting the Bitcoin spike from the actions of a few big transactions.
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