Square is dipping its toe into the bitcoin waters and testing support by enabling some Cash app users to buy and sell the cryptocurrency, according to multiple media reports.

"We believe cryptocurrency can greatly impact the ability of individuals to participate in the global financial system and we're excited to learn more here," a Square spokesperson told CNBC in a statement. 

Users who buy bitcoin through the app will not be able to send or accept it. 

Square has yet to enable bitcoin acceptance through its point-of-sale terminals.