Square Bitcoin Deposits enabled for Cash App Users! Square Bitcoin Deposits have been rumored for quite some time – now in the midst of Bitcoin’s stunning reversal, roaring past $11,000, Square has announced that Bitcoin Deposits will be rolled out for Cash App users.
The App, available for Android and iOS, now supports, for some users, Bitcoin Deposits. Previously, users could purchase or sell Bitcoin, as well as transfer the cryptocurrency to another wallet.
Square introduced certain Cash App users to purchase and sell Bitcoin back in November of 2017. A few months later, it was announced that the feature would be rolled out to all of its users.
It’s not clear how long Square has been adding the deposit feature – as of writing, not every Cash App user had the ability to deposit Bitcoin.
Square’s own support page says:
“support for bitcoin deposits to third-party wallets is coming soon…. In the meantime, you can transfer profits from selling Bitcoin to any bank account or debit card linked to your Cash App.”
Square has been investing heavily into Bitcoin and cryptocurrency, bringin $65.5 million in revenue through the world’s largest cryptocurrency by marketcap in the first quarter of 2019 alone. Closer examination shows that actual profit was a more modest $832,000).
Square is intensely focusing in on its Bitcoin-arm – hiring developers left and right to develop tools for the bitcoin blockchain. Steve Lee, a former Google Director was recently named as a new hire for Square’s new team – his role has not yet been specified.
Square’s commitment to Bitcoin is no shocker once you know the man behind Square – Jack Dorsey. The founder of Twitter, he has long been a proponent of cryptocurrency – he expects it to become the world’s currency.
What do you think? Square is getting more and more serious about Bitcoin – and we know Facebook’s about to enter the scene. What do you think that means for cryptocurrency? Let us know on our Facebook page!
