Cryptocurrency adoption and usage continues to grow with time. Companies are now encouraging the use of crypto by giving and rewards for doing so. Recently Cash App, an application owned by payment company Square, announced it would be giving cash backs in BTC.
Get Bitcoin While you Spend
The announcement came via a tweet last week, where it states the users that were eligible for the new reward regime. Cash App says that only those who use the company’s official card can earn bitcoin rewards. This allows every user to get some amount of bitcoin on every transaction.
The rewards are only available on Cash Boost. Cash Boost is a program that allows users to save immediately. To participate, users simply need to get a Cash Card (Cash App’s Card). People who use this card to pay for restaurants and shops or shops get BTC in their accounts instantly. However, interested users must first select the Bitcoin Boost option to earn in Bitcoin.
This reward scheme comes at a very strategic time, considering that Christmas is around the corner. Before now, Cash App only offered this cashback service in the American Dollar.
Square loves Bitcoin
The American-based company, Cash App is a subsidiary of Square Inc. Square, owned by Jack Dorsey who is also the CEO of Twitter, has shown a massive interest in bitcoin. In October, the company made an enormous purchase of BTC worth $50 million. This is the second-largest Bitcoin purchase by a company. The largest purchase was made by MicroStrategy last month when it bought $250 million worth of Bitcoin.
In November, reports show that Square made up to $1.63 billion from Bitcoin alone. In the company’s quarterly report, Cash App also generated about $32 billion in gross profit from BTC. This is eleven times more than what it made from Bitcoin in 2019. Cash App has always pioneered Bitcoin use. It started offering bitcoin purchases to its customers as far back as 2017. It seems the company would continue to employ Bitcoin in a wide variety of its applications.
