The Square Cash App began offering Bitcoin (BTC) in 2018, and has seen steady growth in its numbers since then, with $37 million of Bitcoin (BTC) being purchased in Q2 2018 increasing to $148 million in Q3 2019.
The reason that the Cash App is gaining traction is that it is an easy way to directly convert debit card funds into Bitcoin (BTC), and also the Cash App effectively works like a crypto debit card, since the Cash App has a native Visa card and users can sell their Bitcoin (BTC) and instantly use the funds anywhere via the Visa card.
However, the Cash App’s Bitcoin (BTC) volumes still pale in comparison to Coinbase, which is the most popular retail exchange in the United States.
According to a recent job listing for the Cash App, it seems new Bitcoin (BTC) features will be added in the future, in order to give the Cash App a competitive edge. The features mentioned in the job listing include limit orders, auto-investing, and peer to peer Bitcoin (BTC) ‘gifting’.
As of now users can only buy or sell Bitcoin (BTC) on the Cash App at the current market price. Limit orders would allow users to buy or sell Bitcoin (BTC) at a certain desired price, effectively allowing users to use the Cash App like a Bitcoin (BTC) exchange.
Auto-investing would allow users to invest a certain amount of money into Bitcoin (BTC) periodically, basically spreading out their investment across a broad range of Bitcoin (BTC) prices.
Peer to peer Bitcoin (BTC) ‘gifting’ is equivalent to being able to send Bitcoin (BTC) between Cash App users, which would make the Cash App a fully functioning Bitcoin (BTC) wallet.
There is no timeline as to when these features would launch, indeed it sounds like development has not started on these features yet. However, if Cash App really wants to launch these features it should not take long, since these features are available on most crypto exchanges and therefore the technology is easily accessible.
If Cash App ultimately does launch limit orders, auto-investing, and peer to peer Bitcoin (BTC) sending, it would certainly put the Cash App in a better position to compete with Coinbase.