Square, the payments company, is rolling out bitcoin deposits for its mobile Cash App. Bitcoin access for Cash-app users increased by Square.
According to Twitter posts by bitcoiners and some media outlets, the app now supports deposits for at least some users. Previously, users could purchase or sell bitcoin, as well as transfer cryptocurrency to another wallet. The app is available on both Android and iOS.
A select few Cash App users were first allowed by Square to purchase and sell bitcoin in November 2017. It was announced at the time that a few months later that feature would be rolled out to all users.
Not every Cash App user had the ability to deposit bitcoin, which is why it is unclear how long Square has been working to add the deposit feature.
A screenshot was tweeted by podcaster Marty Bent, stating hat he was able to accept deposits on June 18, implying that perhaps the company may be releasing this feature to a select audience.
A support page on Square’s website states: “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.”
Bitcoin access for Cash-app users increased by Square. The company brought in $65.5 million in revenue through bitcoin which is the world’s largest cryptocurrency by market cap. This was in the first quarter of 2019 alone. Square has been investing heavily into bitcoin and its ecosystem.
Developers are being hired to specifically develop tools for the bitcoin blockchain, by Square Crypto, the company’s new bitcoin-focused arm. Though his role has not yet been specified, former Google director, Steve Lee, was recently named as the first new hire for this team.
Square CEO, Jack Dorsey, said in the past that he expects bitcoin to become the world’s currency. Jack Dorsey also founded the social media giant Twitter, and has long been a proponent of the cryptocurrency.