Payments Company Square’s Cash App Now Lets Users Schedule Automatic Bitcoin (BTC) Purchases at Set Time Intervals

Payments company Square‘s (NYSE:SQ) Cash App now lets users schedule automatic Bitcoin (BTC) purchases at specific times, which includes daily, weekly, or bi-weekly options.

Cash App’s new feature is called “Auto Invest,” and seems to be based on the concept of dollar-cost averaging, which involves purchasing a particular asset in relatively small amounts at regular time intervals, regardless of what the asset’s market price might be at any given time.

The Cash App team noted:

“You don’t need perfect timing if you’re thinking long-term…By spreading purchases out, you can minimize the impact of market swings.”

The app allows users to purchase Bitcoin and stocks by using the Auto Invest option. The minimum recurring purchasing limit is $10.

Cash App shows BTC units in satoshis (sats) instead of only Bitcoin, so that it’s easier for users to transact in smaller amounts.

Cash App’s Auto Invest feature has been introduced as Bitcoin sales via the app continue to increase. During Q1 2020, the app generated $306 million in BTC revenue.

Square recently confirmed in its latest earnings release to investors:

“Bitcoin revenue generated gross profit of $7 million in the first quarter of 2020.” 

The firm’s gross profit from Bitcoin sales has increased almost 2x when compared to Q4 2019.

Square revealed that volumes increased by 72% quarter-over-quarter and 367% year-over-year. The company claimed in its letter to investors that April 2020 was a very busy month for the Cash App.

Square’s letter stated:

“In April, Cash App delivered strong revenue and gross profit growth year over year, and achieved its highest monthly totals for net-new transacting active customers, peer-to-peer volumes, Cash Card spend, Cash Card orders, direct deposit transacting active customers, bitcoin volumes, stock brokerage volumes, and stored funds.”

Sponsored Links by DQ Promote


 

You may also like...

Send this to a friend