In a step that brings Square closer to competing with the likes of Coinbase, the company is expanding the number of users who are eligible to buy and sell bitcoin on its Cash App. Credit Suisse estimates that this feature could translate into $30m additional revenue for Square.
A person familiar with the expansion told Business Insider it represents a "noticeable increase." The expansion of the service comes after some major milestones in the crypto world. Since news broke on November 14 of Square's foray into bitcoin, two major US exchanges announced the specific launch date for their respective bitcoin futures contracts and the total market-cap for the crypto-market blew past $300 billion. At first, Wall Street responded positively to the news. It sent the stock up to an all-time high near $50 per share by November 24. The stock ended the trading day Tuesday at $37.60 per share.