Square’s Cash App users can now earn back Bitcoin with every transaction made through their Cash Card.
In a recent tweet, the fintech giant reveals the new offering which is an iteration of Cash App Boosts where users get a chance to earn instant discounts on everyday purchases made with their Cash Card. With the Bitcoin Boost program, users can earn BTC rewards by using the app.
“Earn Bitcoin using Boost on Cash Card purchases. Bitcoin Boosts can be found in the Boost carousel and work just like normal Boosts, but allow you to earn Bitcoin on Cash Card purchases.
When you select a Bitcoin Boost and make a Cash Card purchase, Bitcoin will be automatically placed into your Bitcoin balance.”
Square’s new feature entangles the payments giant with the king of crypto even further. In 2018, Square enabled Bitcoin trading on the Cash App platform, and in October, the firm announced it had purchased $50 million worth of Bitcoin. According to Bitcoin Treasuries, Square’s BTC investment is now worth more than $113.5 million.
According to a shareholder letter filed at the U.S. Securities and Exchange Commission, Cash App generated $1.63 billion of Bitcoin revenue and $32 million of Bitcoin gross profits during the third quarter of 2020, up approximately 11x and 15x year-over-year, respectively.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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