San Francisco-based payments company Square has just made bitcoin (BTC) deposits available on its Cash App on June 26
Square’s flagship product, PayPal-esque mobile application Cash App, began to offer a barebones Bitcoin trading market in January 2018. The app, available on both Android and iOS, now supports deposits for at least some users, buying, selling, and withdrawing the cryptocurrency was supported, but not depositing, requiring users to hold BTC through Cash if they had urges to sell.
The news broke from crypto ‘influencers’ rather than the typical press release or announcement.
Cash App users will now be able to deposit bitcoins from external wallets into their app bitcoin address. According to Square’s announcement, deposits are limited to $10,000 worth of bitcoin in a seven day period. It also notes that transfers could take several hours to be confirmed on the blockchain. This doesn’t make Cash App a fully-fledged Bitcoin wallet though. It notably lacks the low barrier to entry that cryptocurrency wallets are known for and the ability to choose fees and delve into block explorers.
Square’s founder Jack Dorsey, who is also the creator of social media giant Twitter, has been putting together a team dedicated to improving crypto infrastructure in general. While purportedly this team will benefit the crypto sector overall, Dorsey commented on the advantages for Square too, saying:
“The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin.”
Square’s founder Jack Dorsey
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