Square refuses from crypto exchanges in favor of private brokers

Verified
4 months ago
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The payment solutions provider Square has reported¬† that the company prefers cooperation with private brokers and OTC services for client transactions with bitcoin through the Cash App application.  

Square customers making purchases and sales of cryptocurrencies through the Cash App interact not with public exchanges, but with private brokers and OTC-platforms. According to company representatives, this approach is designed to protect users from excessively sharp fluctuations in the price of bitcoin.

The company also said that such an approach would avoid various security problems, and in particular with hacker attacks, which often occur on centralized trading floors.