Payments company Square is launching Bitcoin deposits for its Cash App. Prior to yesterday, users could only buy, sell, or transfer cryptocurrency to another wallet. According to Cash App’s website, the company will soon be allowing deposits from third-party wallets as well.
While not available to all users yet, a few tweets confirm that Cash App is indeed giving users access to Bitcoin deposits.
Some tweets from users say that they were able to deposit Bitcoin as of June 18th, while other users replied to the same thread claiming that they were unable to access the feature. Since there has been no official announcement from Square as of yet, it is unclear as to when the company first gave access to this feature for select users.
As Square’s website notes, there are some limitations to its Bitcoin deposit feature:
Bitcoin withdrawals and deposits must be enabled to get started. You can deposit up to $10,000 worth of bitcoin in any 7-day period. Depending on network activity, it can take hours before transfers into or out of your Cash App are confirmed on the blockchain.
Cash App first started allowing certain users to purchase and sell bitcoin back in November of 2017. A few months later, the company announced that they would expand the feature to all users.