[2019-06-25] Square Is Expanding Access to Bitcoin Deposits for Cash App Users

[mich]

https://www.coindesk.com/square-is-expanding-access-to-bitcoin-deposits-for-cash-app-users?utm_source=twitter&utm_medium=coindesk&utm_term=&utm_content=&utm_campaign=Organic%20

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.

Podcaster Marty Bent tweeted a screenshot indicating he could accept deposits on June 18, suggesting that the company may be releasing this feature to a select audience in advance of a full lunch.

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 (though the actual profit was a more modest $832,000).

Square Crypto, the company’s new bitcoin-focused arm, is also hiring developers to specifically develop tools for the bitcoin blockchain. Former Google director Steve Lee was recently named as the first new hire for this team, though his role has not yet been specified.

Square CEO Jack Dorsey – who also founded the social media giant Twitter – has long been a proponent of the cryptocurrency, having said in the past that he expects it to become the world’s currency.

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[Slow death]

I would like to know the following if someone can answer me:

Do they allow people from any country to buy bitcoin using debit cards?

What is the minimum amount that anyone can buy using debit card?

they allow to withdraw your bitcoin to debit cards from any country?

What is the withdrawal fee for the debit card?

Do I need to verify account?

[BitHodler]

^^^^
CashApp is a US based service and as far as I know that's the only country where they allow people to buy Bitcoin. At the moment their weekly limit for Bitcoin purchases is $10k which at current levels means less than 1BTC.

Not sure if this limit is a regulatory requirement with how CashApp mostly only serves low net worth retailers, but it shouldn't be a problem for people like you and me who only deal with relatively smaller amounts.

I remember having seen Jack Tweet about how he is buying $10k worth of Bitcoin every single week through CashApp. It has to be said that it was at much lower levels so I wonder if he's still going all out on his limit.