Cash App Lets Users Invest Spare Change in Bitcoin
Key Takeaways
- Cash App has announced a new feature that will allow users to “round up” their features and invest the difference.
- With Round Up, users can put their change into Bitcoin as well as other assets including stocks and ETFs.
- Block Inc., which operates Cash App, also has various other Bitcoin-related features and products on the way.
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Block Inc.’s Cash App has added a new feature that will allow users to invest their spare change in Bitcoin and stocks.
Cash App Adds Round-Ups
By using Cash App’s new round-up feature, users will see the value of their purchases rounded up to the nearest dollar.
The difference between the actual price and the rounded price will be invested in Bitcoin, stocks, or ETFs. For example, an item that costs $9.50 will be rounded to $10.00, and the user will see $0.50 go towards the investment that they selected earlier.
The feature will be available on Cash App’s Cash Card—a line of debit cards issued by its banking partners. It is unclear whether it will be available to users who only use the mobile app.
The news comes shortly before the company’s Cash App Day. On July 6, Block will give away various rewards to users.
Feature Was Teased In Miami
Though round-ups were not officially introduced until today, the feature was previously announced during the Bitcoin 2022 conference, which took place in Miami this April.
During that conference, Block CEO Jack Dorsey also announced various other features for Cash App. There, he revealed that users would be able to convert paychecks to Bitcoin and announced improved integration with Bitcoin’s Lightning Network.
Block Inc. also has other Bitcoin development projects underway. The company is planning a decentralized exchange, hardware wallet, and web standard called Web5, among other things.
Many of Block’s plans are centered around identity management. Dorsey has criticized Web3, which involves monetizing services with Ethereum tokens. Instead, he plans to use the Bitcoin blockchain to give users control over their data in various ways.
Dorsey’s payments company was formerly known as Square until it was renamed Block Inc. in December.
Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and other cryptocurrencies.
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