Cash App Square Crypto Starts Accepting BTC Deposits

Cash App Square Crypto started accepting bitcoin deposits as of today and has now introduced the American clientele to Bitcoin. Let’s read more about it in the altcoin news below.

Square’s product the Cash App started its Bitcoin trading market in January 2018 and buying, selling and withdrawing bitcoin was supported only. Now depositing is available as well. Last week, the bitcoin podcaster Marty Bent, revealed that the users could deposit BTC into the Cash App Square Crypto but at that time, the company had not made an official press release or comment on the matter which was why some users were left confused.

Square later did clear the air and published a support page along with the Tweet saying that the app now supports direct deposits of Bitcoin into the Cash app. There is a total of $10,000 weekly limit on Bitcoin deposits which has something to do with the fact that the users can only spend up to $10,000 BTC a week. This does not make the app a fully-operating wallet since it lacks the barrier to entry that crypto wallets are known for. It also doesn’t have the ability to choose fees.

Square is really trying to make a huge impression in the bitcoin industry. The company also bought its first member for its cryptocurrency division which is aimed for bolstering the decentralized networks with the help of good marketing. Jack Dorsey handpicked Steve Lee to join the company. Lee was a former Google director where he worked mostly at Google Maps and is a huge supporter of Bitcoin. As noted in the latest cryptocurrency news, Dorsey pledged to hire a number of other people to join the company including blockchain developers and three designers. He also made clear that the members of this branch can work from anywhere around eh world and could be paid in BTC.

Dorsey also explained that Bitcoin is an amazing brand with a pure nature which is why it is mostly suited for becoming the internet’s currency. He pointed out:

 “I haven’t seen any other currency that would challenge Bitcoin across the dimensions that I think are really important… It is 10 years old now, so it’s been tested over those 10 years, across every dimension from security threats, to governments, to forks, to agendas from miners, to nefarious nation states, and it’s been resilient to all those threats and challenges.”