Square Is Expanding Access to Bitcoin Deposits for Cash App Users

Payments company Square is rolling out bitcoin deposits for its mobile Cash App.

The app, available on both Android and iOS, now supports deposits for at least some users, according to Twitter posts by bitcoiners and a check by a CoinDesk reporter of his own Square account Tuesday.

Previously, users could purchase or sell bitcoin, as well as transfer the cryptocurrency to another wallet.

Square first began allowing select Cash App users to purchase and sell bitcoin in November 2017, announcing a few months later that it would roll that feature out to all users.

It is unclear how long Square has been adding the deposit feature; as of press time, not every Cash App user had the ability to deposit bitcoin.

According to a support page on Square's website, "Support for bitcoin deposits to third-party wallets is coming soon."

"In the meantime, you can transfer profits from selling bitcoin to any bank account or debit card linked to your Cash App," the page says.

The company itself has been investing heavily into bitcoin and its ecosystem, bringing in $65.5 million in revenue through the world's largest cryptocurrency by market cap in the first quarter of 2019 alone.

Square Crypto, the company's new bitcoin-focused arm, is also hiring developers to specifically develop tools for the bitcoin blockchain.

Square did not immediately respond to a request for comment.