Cashapp and Robinhood open up Bitcoin Support
While Square has been beta testing the ability to buy Bitcoin with a small percentage of their users for about 2 months, today they opened up the capability to everyone.
Square CashApp has opened the capability to buy and sell Bitcoin to all users.
Right now, the functionality is relatively limited. You can buy and sell Bitcoin, but you need to verify your driver's license to open up sending Bitcoin to other people. At the time of this post, the verification scanner was not working with an Ohio license so clearly some bugs to still work out.
At a high level, this is a great development for Bitcoin as what the Cash App is notorious for is creating a simple user experience for sending currency quickly and easily to friends and family. This also opens up the capability of tapping into the address book multiplier and opening Bitcoin up to a significantly higher user base.
The downside of the experience as it's offered today is that the functionality is very limited and security is not necessarily emphasized in the current experience. Additionally, the step to verify your driver's license before being able to send and receive Bitcoin from other users will be a turn-off to many as one of the main benefits of Bitcoin is that there is no government intervention or access and providing a publicly traded company with your drivers license is giving the government insight other exchanges and platforms don't require. Even more alarming for many is that Square will actually store and keep your Bitcoin, not the end user. Many Bitcoin enthusiasts are adamant that no institution, bank or company should own and control your Bitcoin.
Robinhood Announces Bitcoin and Ethereum Support Starting in February
Coincidentally (or maybe not) Robinhood has announced Thursday that 5 states will be allowed to trade Ethereum and Bitcoin 24/7 on their app starting in February. It's rumored that other states and a full roll-out will happen sometime shortly thereafter in Q2 of 2018.
When asked, Bhatt cited the reason for pushing cryptocurrency support is tied to their mission of toppling the old guard of Wall Street and making financial services a democracy.