Block, Inc. (NYSE:XYZ) CEO Jack Dorsey encouraged users on Wednesday to opt in to the new Bitcoin (CRYPTO: BTC) bonus feature on the company’s Cash App platform.
Passive Yields on Bitcoin
Dorsey wrote “turn it on,” quoting Cash App’s announcement of the “Bitcoin bonus” feature that lets users opt in to earn weekly rewards by simply holding Bitcoin in the app. Users could earn up to 2% in BTC annually.
Rewards are funded directly with no lockup, lending, staking, or moving of users’ BTC, keeping holdings available for withdrawal at any time.
The bonuses are taxable and users must opt-in through the Bitcoin tab in the app to become eligible.
‘Bitcoin-Only’ Cash App
Cash App is a digital wallet and personal finance tool, serving as Block’s primary consumer-focused ecosystem.
Cash App’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. Consumer Lending origination volume grew 59% year over year to $18.9 billion
Block has also placed a significant bet on Bitcoin’s utility as a medium of exchange, deploying payment capabilities within its Square point-of-sale system.
Price Action: As of this writing, BTC is up 0.50% in the last 24 hours to $83,537, according to Benzinga Pro.
Block shares are down 0.72% in pre-market trading after closing 0.70% lower at $73.53 during Wednesday’s regular trading session. Year-to-date, the stock has gained nearly 13%.
Benzinga’s Edge Stock Rankings show XYZ holding a stronger long-term price trend despite lagging over the short and medium term.
See More: Top Momentum Stocks
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