Square Is Expanding Access to Bitcoin Deposits for Cash App Users

June 26, 2019
60 Views

Payments company Square is rolling out bitcoin deposits for its mobile Cash App.

The app, available on both Android and iOS, now supports deposits for at least some users, according to Twitter posts by bitcoiners and a check by a CoinDesk reporter of his own Square account Tuesday. Previously, users could purchase or sell bitcoin, as well as transfer the cryptocurrency to another wallet.

Square first began allowing select Cash App users to purchase and sell bitcoin in November 2017, announcing a few months later that it would roll that feature out to all users.

It is unclear how long Square has been adding the deposit feature; as of press time, not every Cash App user had the ability to deposit bitcoin.

Podcaster Marty Bent tweeted a screenshot indicating he could accept deposits on June 18, suggesting that the company may be releasing this feature to a select audience in advance of a full lunch.

According to a support page on Square’s website, “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,” the page says.

The company itself has been investing heavily into bitcoin and its ecosystem, bringing in $65.5 million in revenue through the world’s largest cryptocurrency by market cap in the first quarter of 2019 alone (though the actual profit was a more modest $832,000).

Square Crypto, the company’s new bitcoin-focused arm, is also hiring developers to specifically develop tools for the bitcoin blockchain. Former Google director Steve Lee was recently named as the first new hire for this team, though his role has not yet been specified.

Square CEO Jack Dorsey – who also founded the social media giant Twitter – has long been a proponent of the cryptocurrency, having said in the past that he expects it to become the world’s currency.

Square did not immediately respond to a request for comment.

Image via CoinDesk archives

https://www.coindesk.com/square-is-expanding-access-to-bitcoin-deposits-for-cash-app-users

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