Just recently Square’s Cash App users started tweeting that the popular payments application has enabled Bitcoin deposits. Although many users show appreciation and gratitude, of course, just as many users say that either their apps haven’t yet got the feature, or that trusting such third parties your Bitcoin as Cash App and similar, is reckless and doesn’t imply on you holding your keys.
.@CashApp just enabled BTC deposits ?— Dennis Parker⚡️ (@Xentagz) June 25, 2019
However, Cash App has done similar activities in the past. In November 2017, they also allowed several users to buy and sell Bitcoin. Later, they announced this feature to all users. Can we expect a similar course of action?
Additionally, about a week ago, Marty Bent tweeted an image, showing that he can accept Bitcoin deposits on his Cash App.
This points out to question – How long has Square prepared for this move? How long have they developed this feature? This means that they gave access to a round of selected people to test their app before they announce it publicly. Nevertheless, Square along with Cash App, hasn’t yet announced this feature publicly, as the Cash App Support page shows that Bitcoin Deposits are coming soon to Cash App.
“In the meantime, you can transfer profits from selling bitcoin to any bank account or debit card linked to your Cash App,” reads the website support section.
Square Along with Jack Dorsey Heavily Invest in Bitcoin
It is well known for crypto enthusiasts that Square and Twitter CEO Jack Dorsey is a massive Bitcoin proponent. In addition to that, earlier reports show that Square in the first quarter of 2019 alone was bringing in $65.5 million revenue through Bitcoin. The actual profit was somewhat around $830,000.
Square also has another side company – Square Crypto, which is focusing only on Bitcoin. At the moment, they are hiring new developers, in order to develop tools for the Bitcoin blockchain. CoinDesk reports that former Google director Steve Lee has been recently named as the first new member of the team, however, his role hasn’t yet been specified.
As for the CEO Jack Dorsey, as mentioned above, he is a massive Bitcoin proponent. Once he has said that Bitcoin will become a global currency for all. Another interesting fact is that he has revealed that he is buying Bitcoin for as much as $10,000/week.
In addition to this news, it is worth mentioning that Square’s Cash App, currently is only available in the United States.