Square jumps on news that most of its users can now trade in bitcoin

Jack Dorsey, CEO of Square and CEO of Twitter, uses his phone to live cast during an event outside of the NYSE.

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Jack Dorsey, CEO of Square and CEO of Twitter, uses his phone to live cast during an event outside of the NYSE.
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Reuters / Lucas Jackson

  • Shares of payment services company, Square, jumped on news that its Cash App will now allow some of its users to trade bitcoin on its platform.
  • Square’s stock rose 3.08% at $46.92 per share on Wednesday.
  • The company’s CEO Jack Dorsey made the announcement on Twitter, saying the move was made in a bid to move toward “greater financial access for all.”
  • Bitcoin trading does not extend to users located in New York, Georgia, Wyoming or Hawaii.
  • Square allows its users to buy up to $10,000 worth of Bitcoin per week.
  • The company said it does not charge a fee for Bitcoin transactions.
  • The price it sells Bitcoin for is based on the average price across other major exchanges.
  • View Square’s stock move in real-time here.

Read more about how Twitter is faring after an unconfirmed rumor of a Salesforce takeover.

Square stock price

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Markets Insider