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.

Coinbase 2

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

Square's Cash App Eyes Expansion into Free Stock Trading: Report 1
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

Leave a Reply

E-Crypto News Executive Interviews



bitcoin
Bitcoin (BTC) $ 33,703.00
ethereum
Ethereum (ETH) $ 1,971.11
tether
Tether (USDT) $ 1.00
binance-coin
Binance Coin (BNB) $ 296.13
cardano
Cardano (ADA) $ 1.25
dogecoin
Dogecoin (DOGE) $ 0.236763
xrp
XRP (XRP) $ 0.640794
usd-coin
USD Coin (USDC) $ 1.00
polkadot
Polkadot (DOT) $ 15.86
binance-usd
Binance USD (BUSD) $ 1.00
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 33,703.00
ethereumEthereum (ETH)
$ 1,971.11
tetherTether (USDT)
$ 1.00
bitcoin-cashBitcoin Cash (BCH)
$ 473.05
litecoinLitecoin (LTC)
$ 128.86
bitcoinBitcoin (BTC)
28.315,74
ethereumEthereum (ETH)
1.656,04
tetherTether (USDT)
0,840155
bitcoin-cashBitcoin Cash (BCH)
397,44
litecoinLitecoin (LTC)
108,26
bitcoinBitcoin (BTC)
24,233.97
ethereumEthereum (ETH)
1,417.32
tetherTether (USDT)
0.719045
bitcoin-cashBitcoin Cash (BCH)
340.14
litecoinLitecoin (LTC)
92.66

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

What Role Do Cryptocurrencies Play In The Era Of Ransomware Attacks?
June 9, 2021
Crypto Scams On The Rise As Market Enters Bull Cycle
Crypto Scams On The Rise As Market Enters Bull Cycle
December 22, 2020
Harpreet Singh Sahni perpetrated the Plus Gold Union Coin (PGUC) scam
Sydney Concert Promoter Harpreet Sahni Involved In $50M Crypto PGUC Scam
November 2, 2020
KuCoin hackers steal $150 million
KuCoin Exchange Hacked But Insurance Will Cover The Stolen $150M
September 29, 2020
Mining City insists that it is legit
Mining City Refutes Claims By Philippines SEC Of Being A Scam
September 23, 2020

Blockchain/Cryptocurrency Questions and Answers

What Is Plethori Platform And How Does It Work?
June 12, 2021
What Is The Fudge Token?
What Is The Fudge Token?
June 5, 2021
What Is Shiba Inu (SHIB) Cryptocurrency And How Does It Work?
What Is Shiba Inu (SHIB) Cryptocurrency And How Does It Work?
May 31, 2021
What Is PancakeSwap And How Does It Work?
What Is PancakeSwap And How Does It Work?
May 27, 2021
How Has Internet Computer (ICP) Become A Top-10 Crypto?
How did “Internet Computer Coin”(ICP) Become A Top-5 Crypto?
May 19, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin33,660 0.77 % 5.55 % 12.16 %
Ethereum1,968.3 1.07 % 5.66 % 16.80 %
Tether1.000 0.12 % 5.35 % 0.31 %
Binance Coin297.71 2.13 % 14.42 % 14.07 %
Cardano1.250 1.64 % 9.76 % 15.38 %
Dogecoin0.2360 1.78 % 25.01 % 23.18 %
XRP0.6466 1.88 % 19.71 % 22.64 %
USD Coin1.000 0.25 % 0.45 % 0.29 %
Polkadot15.82 0.86 % 11.10 % 30.73 %
Binance USD1.000 0.11 % 0.83 % 0.17 %

bitcoin
Bitcoin (BTC) $ 33,703.00
ethereum
Ethereum (ETH) $ 1,971.11
tether
Tether (USDT) $ 1.00
binance-coin
Binance Coin (BNB) $ 296.13
cardano
Cardano (ADA) $ 1.25
dogecoin
Dogecoin (DOGE) $ 0.236763
xrp
XRP (XRP) $ 0.640794
usd-coin
USD Coin (USDC) $ 1.00
polkadot
Polkadot (DOT) $ 15.86
binance-usd
Binance USD (BUSD) $ 1.00