Square Inc setup bitcoin buying and selling

Square Inc. conducted a test of bitcoin buying and selling. The San Francisco-based payment company announced it has begun to allow selected users to buy and sell bitcoins in cash applications where cryptocurrency usage is almost seven times this year.

Tinuku Square Inc setup bitcoin buying and selling

Square Inc.'s well-known technology allows traders to process credit card transactions without cash registers and expensive systems say customers have shown a trend for "alt-currency". Nothing prevents investors from continuing to buy bitcoins and has attracted the attention of U.S. exchange operators.

"We always listen to our customers and we've found that they are interested in using Cash applications to buy bitcoins," said Square Inc spokesman.

"We believe cryptocurrency greatly affects the ability of individuals to participate in the global financial system and we are very pleased to learn more here," Square said.

CME Group Inc., the world's largest derivative exchange operator, said last month it will launch a bitcoin futures contract by the end of this year. Rival Cboe Global Markets Inc (CBOE.O) earlier this year also clamored for approval for a bitcoin exchange fund.

Large financial companies will soon start offering similar products as an investment option. Square does not say when to start launching these features to customers. Square shares rose 1.8 percent at US$40.44, easing after hitting a record high of US$41.80.