Square to enable Cash App users trade stocks for free, exact launch date to be determined

Payments firm Square is rolling out a new Cash App feature that will allow users to make free stock trades, per a Bloomberg report

The launch date of this new feature is still to be determined, although the firm has already begun testing it in recent weeks, according to Bloomberg.

Cash App, Square's peer to peer payments app, has drawn a large crowd by letting customers buy and sell bitcoin. Its number of total users jumped from 3 million to 9 million after the crypto trading feature was launched. 

Now, the free stock trading services will put Square in direct competition with Robinhood, the investment platform favored by millennials. Per CBInsights data, Robinhood attracts a total of over 4 million users as of 2018. Similar to Cash App, Robinhood customers can also trade cryptocurrencies with no fee.