Square to introduce bitcoin deposits in its Cash App?

Square, the popular payments company, has introduced bitcoin deposits for its ‘Cash App’. According to a few Twitter posts and a check by a CoinDesk reporter, the app which is accessible on both iOS and Android is now supporting deposits – at least for a few users. Users of the app can buy, sell and send Bitcoin to other wallets. 

Back in November 2017, Square only permitted a few users to sell and purchase bitcoins on the Cash App. A few months later, the company decided to roll out the feature to all the customers. As every user has not been able to deposit bitcoins, it is not clear as to how long Square’s latest feature has been active.

A support page on Square’s website said, “support for bitcoin deposits to third-party wallets is coming soon”. It continued “in the meantime, you can transfer profits from selling bitcoin to any bank account or debit card linked to your Cash App.”

Square’s bitcoin-focused arm, Square Crypto, is also looking for developers to develop tools for the bitcoin blockchain. Steve Lee, the former Google director, has been recently named as the first addition to this team, though his role has not been clear yet.