Home > News > Square reportedly adds support for Bitcoin deposits for some Cash users

Square reportedly adds support for Bitcoin deposits for some Cash users

Benson Toti

Square, the payments company run by Twitter co-founder Jack Dorsey, has enabled Bitcoin (BTC) deposits for some users of its mobile application Cash, industry website Coindesk has reported.

The online publication said yesterday Cash users had been reporting on Twitter that the deposit functionality had been enabled. A check conducted by the website confirmed that functionality had been enabled, but not for all Cash users.

Since August 2018, Cash users in all 50 American states has been able to buy and sell Bitcoin through Cash. Square began testing BTC trading in November 2017, as part of a pilot involving select users. It now seems that the company is using a similar approach of gradually expanding its crypto business.

“Support for bitcoin deposits to third party wallets is coming soon,” a support page on the Square website reads. “In the meantime, you can transfer profits from selling bitcoin to any bank account or debit card linked to your Cash App”.

Meanwhile, the Bitcoin price continues to advance and is now firmly on track for its fifth consecutive monthly gain. The original cryptocurrency spent the entirety of the Tuesday session on the rise, which allowed its price to move within striking distance of the $12,000 level. The coin finished the session at an intraday high of $11,790.92, which was well above its opening level of $11,007.20.

BTC surged past the $12,000 level in today’s session and broke through the $12,900 barrier in recent trading. The coin rose to as high as $12,914.40, which was its highest price level since January 20, 2018.

As of 15:21 BST, the Bitcoin price stood at $12,889.80, up 14.1% from the same time yesterday. The coin’s total market capitalisation currently stands at $229.2 billion, according to data from digital currency tracker Coinmarketcap. This represents 61.8% of the combined value of all digital currencies.

Featured image: Visual Generation /Shutterstock.com

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