Square’s Cash App announced this week that its users may now send and receive bitcoin without any fees at all.
The company’s announcement possibly points to a rise in the adoption of bitcoin. Responding to the move, the Documenting Bitcoin group said: “You can now send #bitcoin without fees on Cash App as easily as sending dollars! Good job, @Jack! #Bitcoin is unstoppable.”
The Cash App team also announced a $1 million giveaway of bitcoin, opened to users that are US residents and over the age of 18.
Many transactions on the app are currently free, but in certain cases, a user might be charged a small fee. If someone sends money using a credit card linked to their account at Cash App, the transfer will have a 3% fee.
Square’s skyrocketing performance in 2020 helped it end December with 36 million customers, and a 50% year-on-year jump. The company is also looking to increase its crypto holdings via a $170 million bitcoin purchase.
The company helped numerous bitcoin transactions so far this year, resulting in retail investors accumulating the digital asset faster than institutional investors. JPMorgan reported that retail investors purchased 187,000 bitcoins this quarter, with around 173,000 bitcoins being bought by institutions.
Bitcoin was last priced near 1.4% lower at $58,049, but is up 97% this year.