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.
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