Square Wants to Give Its Users Free Stock Trades
Square (NYSE: SQ) has always made it clear that it wants its popular Cash App to be able to replace a traditional bank. Its next step toward that goal might be enabling users to buy and sell shares of their favorite stocks in the app. And Square is testing a feature that will allow users to place trades for free, according to a report late last week from Bloomberg.
Square already supports free bitcoin trading in the app. The company brought in $125 million in revenue from selling bitcoin, and generated slightly more than $2 million in gross profit. Expanding to the entire universe of stocks would put Square head-to-head with Robinhood, which was recently valued at $7.6 billion.
Square has several advantages over the competition for winning market share for low-cost brokerage services, and it could be another tool to get users into the Square ecosystem.
Source Fool.com
