Square, the FinTech company founded and led by Twitter CEO Jack Dorsey, is launching a new stock-trading function on its Cash App, which will compete with Robinhood.
The new function is being tested to enable customers to buy and sell stock for free, according to a report by Bloomberg. The report was based on Bloomberg viewing a promotional video for the app.
If released, it would make Square a direct competitor with Robinhood, the investment app that achieved a $7.6bn valuation in July after completing a massive $323m Series E funding round.
Square is not the only company to potentially setting up to compete with Robinhood. When Y Combinator, the legendary incubator, announced its latest batch, there were two startups looking to do the same. GreenTiger was looking to enable Indians to trade US stocks, commission-free and TradeID would do the same, but in Indonesia.
Robinhood also faced some criticism when it was revealed that the unicorn had left customer data, including password, in plaintext on its internal systems.
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