SAN FRANCISCO—Payments company Square said it has started allowing select customers to buy and sell bitcoins on its Cash app.
The company said it looking to tap into consumer interest in Bitcoin that has sent the cryptocurrency up nearly sevenfold this year, Reuters reported.
“For the most part though, institutional investors have stayed away from Bitcoin, the original and largest cryptocurrency in terms of market capitalization, despite outperforming all the world's traditional currencies,” Reuters noted.
But Square, best known for its technology that allows merchants to process credit card transactions without a cash register or expensive system, said its customers have shown an appetite for the alternative currency, Reuters said.
“We’re always listening to our customers and we’ve found that they are interested in using the Cash app to buy Bitcoin,” a Square spokesperson told Reuters. “We believe cryptocurrency can greatly impact the ability of individuals to participate in the global financial system and we’re excited to learn more here.”