How Square is Changing the Cryptocurrency Space

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square cryptocurrency

The online payment company founded by Twitter’s Jack Dorsey, known as Square, has been partnering with cryptocurrency by allowing their Cash App users to buy and sell bitcoin. Several big institutions such as Wall Street and the cryptocurrency world think that this could become a large paradigm shift in the crypto world if it is in fact successful.

Square added the feature to its Cash app recently, which rivals the highly successful Venmo cash transfer application. The goal is to make the transaction of buying and selling cryptocurrency easier than ever. The new platform is only being given to a “small number” of users of the application, but if it is successful, they will hopefully roll it out to more individuals.

If the company chooses to make the application feature completely available to all its users, the app would then rival some of the largest cryptocurrency exchanges to date such as Coinbase and Gemini. Those who love cryptocurrency took to twitter to praise the new idea and had high hopes of this changing the crypto space for good. Josh Olszewics, a bitcoin trader stated that “the big theme is being frictionless as much as possible. With Square on-boarding, it takes seconds.”

Coinbase has been allowing the purchase of cryptocurrency within their platform for quite sometime, but the charge has been around 4{7b1a8a58d3ffe2d8e535e80e794d8bc0bf06a3ecc0c2050b83ca37784c6fddca}. Wall Street is forecasting that fees of the new service on the Cash App will likely be around 1.5{7b1a8a58d3ffe2d8e535e80e794d8bc0bf06a3ecc0c2050b83ca37784c6fddca}. Kirsten Morin, senior investment manager of global venture capital at Aberdeen Standard Investments stated that, “the industry needs a more visible way to trade. Square has a brand name that people can trust.” The hopes are high that this ends up being successful, and can likely change the cryptocurrency space for good.

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