Jack Dorsey’s Square Cash App Quietly Starts Rolling Out Bitcoin (BTC) Deposits for Users
- Cash App users can download Bitcoin.
- There is no information regarding how long this feature has been available.
The Square payments company is creating new opportunities for the users on their mobile Cash App. According to a new article from CoinDesk, the company will now be making it possible for users to deposit their Bitcoin.
Android and iOS users both have access to the app, and there are many users that will now have this benefit, if the Twitter posts are any indication. As of Tuesday, this opportunity is available, though consumers have been able to purchase and sell Bitcoin on the Cash App since November 2017 for select users. The rest of the customers were given this option a few months later.
At this point, it is not actually clear how long the users of Cash App have been able to make Bitcoin deposits. In fact, there are many users that are finding themselves without this feature. Podcaster Marty Bent, for exchange, posted a screenshot to Twitter to demonstrate that he was capable of accepting these deposits last week. Perhaps this is a sign that the full launch will be available soon.
— Marty Bent (@MartyBent) June 18, 2019
Square’s support page states, “Support for Bitcoin deposits to third-party wallets is coming soon.” The page continues, saying:
“In the meantime, you can transfer profits from selling Bitcoin to any bank account or debit card linked to your Cash App.”
We're working on rolling this feature out to all of our customers really soon! Thanks for hanging in there. We appreciate your excitement!
— Cash App Support (@CashSupport) June 26, 2019
In the first quarter of 2019, the company took the chance to invest significantly into Bitcoin, managing to push $65.5 million in revenue through Bitcoin. The actual profit, after everything was said and done, was closer to $832,000.
Square Crypto, a sector of the company that is primarily focused on Bitcoin, is working to bring in developers to build upon the Bitcoin blockchain. Steve Lee, who formerly worked with Google as a director, has been assigned as the first new hire for the Square Crypto team, even though his title has not been assigned.
Jack Dorsey, the CEO of Square and founder of Twitter, has been a continual advocate for the cryptocurrency industry. In previous statements, Dorsey has been so bold as to say that he believes it will become the world’s currency.
At this time, Square has not replied to any requests for comment.