Square’s Cash App users will now receive Bitcoin back for every transaction made through its Cash Card.
The fintech giant reveals the fresh deal in a recent tweet that is an iteration of Cash App Boosts where consumers get an opportunity to receive instant discounts on regular transactions made with their cash card. Users can gain BTC incentives with the Bitcoin Boost program 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.”
The latest function of Square entangles the payments giant with the crypto king even more. Square allowed Bitcoin trading on the Cash App platform in 2018, and in October, the company revealed it had purchased Bitcoin worth $50 million. Square’s BTC investment is now worth more than $113.5 million, according to Bitcoin Treasuries.
According to a letter from a shareholder filed with the U.S. During the third quarter of 2020, Cash App generated $1.63 billion of Bitcoin revenue and $32 million of Bitcoin gross income, up around 11x 15x year-over-year, respectively, by the Securities and Exchange Commission.