Square’s Cash App Launches Stock Trading Option to Complement Bitcoin Buying Features
In a bid to become investors’ one stop solution, Square’s Cash App has officially rolled out stock trading on its platform.
One of the most popular payments and bitcoin trading apps, Cash App has seen its popularity soar among everyone who wants to ride the bitcoin wave.
— Cash App (@CashApp) October 24, 2019
And now armed with approximately 15 million monthly active users, Cash App wants to make stock trading simpler than ever. One can purchase fractional stocks on its platform that allows an investor to own a slice of a public company’s stock in as less as US$1, without paying any fee.
Twitter’s CEO Jack Dorsey who runs Square tweeted,
Now anyone can buy $42 or even $1 worth of Berkshire Hathaway A ($BRK.A, or $TSLA or $SFIX or…) instantly and for free right in @CashApp. Really proud of the team for making buying stocks and building wealth accessible to more people. Rolling out now! 👋🏼 @WarrenBuffett! pic.twitter.com/5OcUxntPyW
— jack 🌍🌏🌎 (@jack) October 24, 2019
With a zero-fee trading model, Cash App joins the move towards free trading following Robinhood that has garnered 6 million users since its inception and incumbents including Fidelity and Charles Schwab. This move towards fractional trading comes just a week after Charles Schwab announced its entry in the space.
Following the rollout that makes blue-chip stock ownership easier for everyone, shares of Square rose 5% on Thursday, and are up 9% this year.
The feature is expected to be available to all the users by the end of 2019.