A week after Robinhood announced that it would be offering zero-fee cryptocurrency trading on its app starting this month, the mobile wallet Cash App, developed by Jack Dorsey’s Square, says it will allow Bitcoin trading on its platform.
In announcing the new feature, Cash App gave a short history of bitcoin – from its origins as the brainchild of the mysterious Satoshi Nakomoto – and briefly explained blockchain and Bitcoin mining. It also warned that “Bitcoin’s price is volatile and unpredictable, so please make wise financial decisions,” while providing a link to a detailed list of risks associated with buying Bitcoin.
With Robinhood and Cash App both entering the crypto trading space, Fast Company notes that they are providing competition for Coinbase, the most popular crypto app, which booked over $1 million in revenue last year. Over 1 million people are already on Robinhood’s crypto trading waitlist, according to Fast Company.
Cash App’s Bitcoin trading function is not available in Georgia, Hawaii, New York, and Wyoming because of regulatory constraints.
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