US-based payment giant Square launches Bitcoin (BTC) rewards on spending via its cash-transfer app Cash App. During Christmas shopping peak, the new feature allows customers to get Bitcoin back on every transaction via the Cash Card.
It is now available for those using Cash Boost function, which allows users to save money on Cash Card purchases.
Cash App jumps on the growing trend of Bitcoin-reward product offerings, after crypto lending firm BlockFi announced its plan to launch a Visa credit card in 2021 that lets users earn back Bitcoin.
Crypto exchange giant Coinbase is also launching its Visa card that would offer spending rewards in Bitcoin.
Spendings Rewards in Bitcoin
Cash App’s upgrade is the latest move within a growing mainstream adoption of Bitcoin in the traditional payment industry.
As one of the pioneers embracing the leading cryptocurrency, Square has been on a massive Bitcoin buying spree. As of October 2020, Square bought 4,709 Bitcoins for $50 million, equivalent to 1% of the company’s total assets.
Square is the second publicly traded company to make such a bet, following MicroStrategy‘s $250 million Bitcoin purchase.
Square and Twitter CEO Jack Dorsey is a high-profile advocate for cryptocurrencies like Bitcoin. Thus, Square offered Bitcoin to its Cash App customers back in 2018.
Last month, Square’s day-to-day Bitcoin business generated $1.63 billion of Bitcoin revenue, and $32 million of Bitcoin gross profit during the third quarter of 2020, up 11 times and 15 times year-over-year respectively.