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Square's Cash App Will Now Let Users Get Cashbacks In Bitcoin

December 21, 2020 6:13 am
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Square's Cash App Will Now Let Users Get Cashbacks In Bitcoin

Square Inc’s (NYSE:SQ) Cash App will allow the user of its Cash Card to earn Bitcoin for the purchases they make.

What Happened: The Jack Dorsey-led company announced the addition of Bitcoin as a “Boost” on Twitter.

The Boost promotion gives Cash App users instant cashback and can be activated from the Cash Card tab on the application.

Square states on its website that it is always “experimenting with new Boosts” and that means on occasion Boost can expire or be replaced with “new and exciting offers.”

Why It Matters: Square’s revenue from the apex cryptocurrency rose a whopping 1100% in the third quarter with Cash App Bitcoin revenue touching $1.63 billion.

Square made a $50 million investment in Bitcoin in October this year, which JPMorgan analysts said was a “strong vote of confidence for the future of bitcoin.”

See Also: Analyst Sees Square Hitting $300 On The Back Of Bitcoin-Heavy Cash App

That investment nearly doubled to $104.67 million last week, as Bitcoin journeyed towards new highs.

Paypal Holdings Inc (NASDAQ:PYPL) and Square have been fueling Bitcoin’s upward movement and have gobbled up all the new supply of the cryptocurrency, according to Pantera Capital.

Price Action: Square shares closed nearly 2% higher at $235.45 on Friday and gained 0.42% in the after-hours session. Bitcoin traded 2.06% higher at $23,859.55 at press time.

Related Link: Square's Cash App Launches A Clothing Line Because, Clearly, Bitcoin And Stocks Aren't Enough

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