Square launched Bitcoin trading function, BTC surged 11%

CNBC reported in the morning of the 16th Beijing time that the US mobile payment application Square is allowing some users to test a new feature on its transfer application Cash: buying and selling Bitcoin.

According to CoinDesk data, driven by the news, the price of Bitcoin once surged 11% to $7,336.80. However, it is still 10% away from the historical high of $7,879.06 set last Wednesday.

Many Cash users noticed the new feature and took to Twitter to express their surprise.

Users can swipe their cards to buy bitcoin directly from their Cash Card page, with one user stating: “The experience was instant and seamless.”

The new feature also displays the current price of Bitcoin against the U.S. dollar.

Jack Dorsey, CEO of Square and Twitter, has previously said Bitcoin is more of an investment tool than a means of payment and has invested in the cryptocurrency himself.

A Square spokesperson confirmed that the company is testing the feature with a small number of users.

"We've seen a lot of interest in [our users] buying bitcoin using the Cash app," the spokesperson said. "We're exploring ways to make this experience faster and more convenient, and have launched this feature to a small number of Cash users."