According to a CoinDesk report, and a Tuesday tweet by bitcoiners, Square now allows bitcoin deposits via its mobile Cash App.
Square mobile cash app is available for both Android and iOS. Some users can now access the service. Users can sell or buy bitcoins, and also transfer the cryptocurrency to another account.
Since November 2017, Selected Cash App has been able to buy and sell bitcoin. Initial testing was limited to a few users, but the platform planned to eventually open this feature to all its users. Although Square is not sure how long they have been offering the same feature, it was reported that not all Cash App users were able to deposit bitcoin as of press time.
Marty Bent, a podcaster, tweeted a screenshot showing that he could accept deposits on June 18. This suggests that only a select audience has access to the feature prior to its full launch.
As per Square’s support page, “support for bitcoin deposits to third-party wallets is coming soon.” The page adds:
“In the interim, you can transfer profits made from bitcoin sales to any bank account or debit to your Cash App.”
Square has been investing heavily into bitcoin and its ecosystem. In the first quarter 2019, Square saw $65.5 million in revenue from the token. The actual profit from the scenarios is $832,000.
Square Crypto, the company’s bitcoin-focused arm, is hiring developers to develop tools for bitcoin blockchain. Steve Lee, an ex-Google director, was the most recent hire, though his exact role is not known.
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.