Square's Cash App Eyes Expansion into Free Stock Trading: Report

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.

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.”

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

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews

Crypto Scams

Cryptosoft Trading Bot Review
June 27, 2022
The Largest Crypto Scams Of 2022 (So Far)
The Largest Crypto Scams Of 2022 (So Far)
June 14, 2022
How Do Scammers Entice Their Prey?
May 10, 2022
Beanstalk Farms Loses $80M In A Massive DeFi Governance Flash-Loan Hack
Beanstalk Farms Loses $80M In A Massive DeFi Governance Flash-Loan Hack
April 23, 2022
Joon Pak Head of Crypto at Prove talks to Us about Crypto Fraud And More
April 11, 2022

Automated trading with HaasBot Crypto Trading Bots

Blockchain/Cryptocurrency Questions and Answers

Roundtable Interview-What is the Effect of The Russia-Ukraine War on Cryptocurrency Prices?
March 4, 2022
How Does Bitcoin Casino Work + 2021 Beginner’s Guide
November 8, 2021
How to Buy and Sell Cryptocurrency
November 8, 2021
What Are Bitcoin Futures And How Will They Work In 2022?
November 4, 2021
The Unconventional Guide to Ethereum
October 28, 2021

CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin20,806 0.31 % 1.99 % 0.82 %
Ethereum1,189.9 0.67 % 2.37 % 5.11 %
Tether1.001 0.03 % 0.04 % 0.11 %
USD Coin1.002 0.07 % 0.02 % 0.12 %
BNB234.40 0.10 % 1.59 % 7.92 %
Binance USD1.002 0.07 % 0.26 % 0.19 %
XRP0.3476 0.86 % 3.94 % 7.25 %
Cardano0.4852 0.44 % 3.31 % 1.54 %
Solana37.90 0.43 % 5.95 % 6.84 %
Dogecoin0.07096 0.72 % 6.81 % 17.78 %

Bitcoin (BTC) $ 20,783.00
Ethereum (ETH) $ 1,187.05
Tether (USDT) $ 1.00
USD Coin (USDC) $ 1.00
BNB (BNB) $ 234.64
Binance USD (BUSD) $ 1.00
XRP (XRP) $ 0.346648
Cardano (ADA) $ 0.485407
Solana (SOL) $ 37.95
Dogecoin (DOGE) $ 0.070939