Bitcoin Deposits Just Arrived On Square’s Cash App

The San Francisco based payments company Square, best known for its Cash App, has recently introduced a new feature for its general public – Bitcoin deposits. The BTC deposits have been made available on the Cash App on June 26, following an official release by the company.

If you haven’t been following our altcoin news section much lately, this practically means that the Cash App users will now able to deposit Bitcoin from external wallets into their Bitcoin app addresses. As Square’s announcement notes, the Bitcoin deposits are limited to $10,000 worth of Bitcoin in a seven day period. The company also noted that transfers could take several hours to be confirmed on the blockchain.

As noted by many best cryptocurrency news sites, Square has previously rolled out the Bitcoin deposits feature to some users only. One of them was the popular Twitter user and self-proclaimed “Bitcoin Permabull” named Dennis Parker, who recently said that BTC deposits were available (June 25). The podcaster Marty Bent was also one of them, posting what appears to be a screenshot of the deposit service back on June 18.

As we previously reported in the latest cryptocurrency news, Square’s founder Jack Dorsey – who is also the creator of the social media network Twitter – has been working on putting together a team that would be dedicated to improving the crypto infrastructure in general. Even though this team will benefit the crypto sector overall, Dorsey said that there would be a lot of advantages for Square too.

“Just from a business perspective, we don’t look like an Internet company today. An Internet company can launch something and it’s available around the world. Whereas with payments, you have to go to each market and pay attention to regulators. You need a partnership with a local bank. This is a very slow process in any new market,” he noted.

All in all, the Bitcoin deposits feature is a big one for Square and its Cash App users. In a way, it merges the growing space of Bitcoin trading and investing with the common use of the Cash App – bringing the users a new option to pay and use their Bitcoin (BTC) holdings.