Cash App, the cash-transferal app of payments giant Square, is now allowing customers to get bitcoin back on every transaction.
- Previously, Cash App had only allowed clients to get U.S. currency back on transactions.
- In November, in the company's Q3 earnings report Square said Cash App generated $1.63 billion of bitcoin revenue, up 11 times from the year-ago period.
- The move is another sign of the growing mainstream acceptance of bitcoin and the increasing importance of the leading cryptocurrency to Cash App and to its parent.
- It's also likely a move to stay a step ahead of rival PayPal, which recently dove head first into the cryptocurrency arena.
- Cash App's upgrade is the latest in a continuing trend of bitcoin-back rewards product offerings, after cryptocurrency lending firm BlockFi announced its partnership with Visa to launch a bitcoin-back credit card in early 2021, per CoinDesk's prior reporting.
Disclosure
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.