Recent news shows that Square’s CashApp has enabled Bitcoin deposits for its users. The app previously offered to purchase, sell and transact Bitcoin to other addresses. However, judging by user reviews, not all CashApp users have this feature.
Just recently CashApp users started tweeting that the popular payments application has enabled Bitcoin deposits. Although many users show appreciation and gratitude, of course, just as many users say that either their apps haven’t yet got the feature, or that trusting such third parties your Bitcoin as CashApp and similar, is reckless and doesn’t imply on you holding your keys. However, CashApp has done similar activities in the past. In November 2017, they also allowed several users to buy and sell Bitcoin. Later, they announced this feature to all users.
Additionally, about a week ago, Marty Bent tweeted an image, showing that he can accept Bitcoin deposits on his CashApp.
This points out to question – How long has Square prepared for this move? How long have they developed this feature? This means that they gave access to a round of selected people to test their app before they announce it publicly.
However, users have reported that if you have enabled the withdraw function once on your CashApp, the company will ask you questions about your job position, source of income and other KYC type of questions, in order to enable the deposit function.
Square Along with Jack Dorsey, the CEO, Heavily Invests in Bitcoin
It is well known for crypto enthusiasts that Square and Twitter CEO Jack Dorsey is a massive Bitcoin proponent. In addition to that, earlier reports show that Square in the first quarter of 2019 alone was bringing in $65.5 million revenue through Bitcoin. The actual profit was somewhat around $830,000. Square also has another side company – Square Crypto, which is focusing only on Bitcoin. At the moment, they are hiring new developers, in order to develop tools for the Bitcoin blockchain. CoinDesk reports that former Google director Steve Lee has been recently named as the first new member of the team, however, his role hasn’t yet been specified.
As for the CEO Jack Dorsey, as mentioned above, he is a massive Bitcoin proponent. Once he has said that Bitcoin will become a global currency for all. Another interesting fact is that he has revealed that he is buying Bitcoin for as much as $10,000/week.
In addition to this news, it is worth mentioning that Square’s CashApp, currently is only available in the United States.