Cash App Launches 'Bitcoin Bonus' Feature for Users
Block, Inc., led by CEO Jack Dorsey, has introduced a new feature on its Cash App platform called 'Bitcoin bonus.' The feature allows users to opt-in and earn weekly rewards for holding Bitcoin in their app. According to Cash App's announcement, users can earn up to 2% in BTC annually.
The rewards are funded directly with no lockup, lending, staking, or moving of users' BTC, keeping their holdings available for withdrawal at any time. However, the bonuses are taxable and users must opt-in through the Bitcoin tab in the app to become eligible.
Dorsey encouraged users on Wednesday to 'turn it on,' referring to the new feature. The introduction of this feature comes as Block's second-quarter volume grew 17% year over year to $56.5 billion, driven by the Visa-powered Cash App Card and buy-now-pay-later credit.