Square (NYSE: SQ), PayPal Holdings (NASDAQ: PYPL) – Square’s Cash App will Now Let Users Get Money in Bitcoin

Square Inc. (NYSE: SQ) Cash App will allow its Cash Card user to earn Bitcoin for the purchases they make.

What happened: The Jack Dorsey-led company announced that Bitcoin will be added as a “Boost” on Twitter.

The Hwb promotion gives instant cash back to Cash App users and can be activated from the Cash Card tab on the application.

Square states on its website that it is always “experimenting with a new Hwb” and that means sometimes Hwb can stop or have “new and exciting offers in place.”

Why It’s Important: Square’s revenue from the apex cryptocurrency rose a staggering 1100% in the third quarter with Bitcoin Cash revenue touching $ 1.63 billion.

Square made a $ 50 million investment in Bitcoin in October this year, which JPMorgan analysts said was a “strong vote of confidence for bitcoin’s future.”

See also: Sees Square Analyst Hit $ 300 On Bitcoin-Heavy Cash App Backup

That investment nearly doubled to $ 104.67 million last week, as Bitcoin travels to new highs.

Paypal Holdings Inc. (NASDAQ: PYPL) and Square have been boosting Bitcoin’s upward movement and increased all cryptocurrency’s new supply, according to Pantera Capital.

Operating Prices: Shares of square closed almost 2% higher at $ 235.45 on Friday and gained 0.42% in the after-hours session. Bitcoin traded 2.06% higher at $ 23,859.55 at press time.

Related Link: Square Currency App Launches Clothing Line Because, Clearly, Bitcoin And Stocks Are Not Enough

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