Payments company Square now facilitates bitcoin deposits through its mobile Cash App, as per a CoinDesk report and a Twitter posts by bitcoiners on Tuesday.
The Square mobile Cash App are available on both Android and iOS and some users could now avail the aforementioned service. The users previously purchased or sell bitcoin, as well as transfer the cryptocurrency to another wallet.
Selected Cash App was able to purchase and sell bitcoin since November 2017. The platform initially started off with selected few and planned to roll out the feature to all of its users eventually. While it is unclear for how long Square has been adding the same feature, as of press time, not every Cash App user was able to deposit bitcoin.
Podcaster Marty Bent tweeted a screenshot indicating that he can accept deposits on June 18, suggesting a selected audience is being privy to the feature before the full launch.
It’s lit! @CashApp BTC deposits are here! pic.twitter.com/xOayhHF1N3
— Marty Bent (@MartyBent) June 18, 2019
As per Square’s support page, “support for bitcoin deposits to third-party wallets is coming soon.” The page adds:
“In the meantime, you can transfer profits from selling bitcoin to any bank account or debit card linked to your Cash App.”
Square has been investing heavily in bitcoin and its ecosystem, observing over $65.5 million in revenue through the token in the first quarter of 2019 alone. Notably, the actual profit in the scenarios is around $832,000.
The company’s new bitcoin-focused arm Square Crypto is reportedly hiring developers to specifically develop tools for the bitcoin blockchain. The most recent hire includes Former Google director, Steve Lee, although his role has not been specified as of yet.
Jack Dorsey, Square CEO and the founder of social media giant Twitter has been an open supporter of the cryptocurrency, so much so he has had claimed that bitcoin could become the world’s currency.
Read more:LedgerX Gets Approval From CFTC To Settle Futures In Real Bitcoin
Image source – Pixabay.com
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