Cash App Rolls Out 'Bitcoin Bonus' Rewards Feature for Users

Block's Cash App has introduced a new feature called 'Bitcoin Bonus' that allows users to earn rewards for holding Bitcoin in their app. According to Jack Dorsey, CEO of Block, users should opt-in to this feature by turning it on.

The 'Bitcoin bonus' reward is funded directly and does not require any lockup, lending, staking, or moving of the user's BTC. This means that users can withdraw their holdings at any time. The rewards are taxable and users must opt-in through the Bitcoin tab in the app to become eligible.

Cash App has seen significant growth, with its second-quarter volume increasing 17% year over year to $56.5 billion. The company's consumer lending origination volume grew 59% year over year to $18.9 billion.