Payments company ‘Square’ is rolling out bitcoin deposits for its mobile Cash App users

Payments company Square is ready to roll out bitcoin deposits for its mobile Cash App.
The mobile cash app which is available on both Android and iOS, supports deposits for some users for now, according to Twitter posts by bitcoiners . Before now users could only purchase or sell bitcoin, as well as transfer the cryptocurrency to another wallet.

In November 2017 saw the first time Square was able to allow selected cash users to purchase and sell bitcoin. With an announcement a few months later that it would roll that feature out to all users also. Though not sure how long Square has been adding the deposit feature, as at press time, not every Cash App user had the ability to deposit bitcoin anyway.

According to Podcaster Marty Bent who tweeted a screenshot where he indicated his intention that he could accept deposits on June 18, from his suggestions a selected users will be given for the cash app prior to the full launch by the company.

From a support page on Square’s website 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,” according to the page.

The company has contributed a lot into the new technology ecosystem, 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.

The company’s new project focusing on bitcoin called Square Crypto is also hiring developers to specifically develop tools for the bitcoin blockchain. The first new hire for this team is Former Google director Steve Lee though his role is yet to be ascertained.

The founder of the social media giant Twitter , who is also Square CEO– Jack Dorsey has been a proponent of the cryptocurrency for long time as he has said it in the past that he expects crypto to become the world’s currency. Though no further comment yet from Square at the moment on the project.

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Credit: Nikhilesh De

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