How does that Cash App work?
Since its inception in 2015, Cash Software, the immensely popular mobile peer-to-peer payment app built by Jack Dorsey's Square, has seen a tremendous increase in users, with over 40 million already.
Cash App and its main competitor, Venmo, have fundamentally altered the way we pay for products and trade money by providing a safe means for users to transfer money, whether it's paying your roommate your share of utilities this month, splitting dinner with pals, or tipping your hairstylist.
For the time being, the app allows users to cash out their payments into a bank account or have them transferred directly to a credit card for a small fee.
Cash App users can now buy and sell cryptocurrencies on the platform thanks to the addition of a new service. Furthermore, Square intends to do so legally. The company has been looking for New York banking charters to allow them to operate as an official "bank" within the state, giving them access to expanded financial services.