“5PM. Direct deposit hits. Do you buy Bitcoin, or do you cash out instantly to another bank? With Cash App, you decide.”
Last month, Square made it easy for its 15+ million users to buy and sell BTC straight with their Cash App balances.
Cash App supported buying, selling, and withdrawing the cryptocurrency since January 2018, but not depositing it. On June 26, a San Francisco-based payments startup started accepting bitcoin deposits in its payments app. The news was officially made on Twitter.
Users can deposit up to $10,000 worth of bitcoin in any 7-day period. Depending on network activity, it can take hours before transfers into or out of your Cash App are confirmed on the blockchain, explains the company on their website.
They even made a nice little guide about bitcoin in help for those for whom a notion of cryptocurrency is new.
Jack Dorsey, the Square’s founder and Twitter co-founder, doesn’t hide that he has become a crypto enthusiast and have publicly revealed that he is accumulating BTC.
In a recent interview with Quartz, he explained that bitcoin, having an amazing brand, pure nature, deflationary and transparent monetary policy, and resilient nature (having been tested over 10 years now) is currently best-suited to become the Internet’s currency.
Square is not a full-fledged wallet, though. It lacks the low barrier to entry that cryptocurrency wallets have, the ability to choose fees, and block explorers.
But, this could change in future, since, as Cointelegraph reported, Dorsey has been putting together a team that will work on improving cryptocurrency infrastructure. One of the new additions is Steve Lee, a former director of Google, where he headed work on Google Maps, and an ongoing contributor to bitcoin.
The Square company itself has been investing heavily into the leading digital currency which resulted in $65.5 million by market cap in the first quarter of 2019.
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