Friday, October 7, 2022

CashApp Introduces ‘Paid in Bitcoin’ Feature for its Users

CashApp has announced the introduction of a new feature that would henceforth allow users who receive direct deposits on the app to exchange a percentage of these deposits into Bitcoin (BTC).

This new feature which is just one of three newly added provisions on the app is known as “Paid in Bitcoin” and it was made known to the public at the Bitcoin 2022 event currently happening in Miami.

This brand new feature would therefore allow customers of the mobile payment service in the United States to invest from as little as 1% to 100% of their deposited paycheck earnings into BTC.

Bitcoin Product Lead for CashApp which is owned by Block Inc (formerly known as Square Inc) who made this announcement at the conference explained that CashApp users in New York would however not have access to this feature due to the existing cryptocurrency laws in the city.

Reiterating how this feature works, the product lead mentioned that users of the app who already have their Visa debit cards linked to the app would be able to automatically convert a defined percentage of their funds into Bitcoin without having to pay any additional exchange fees.

Of the two additional features: the first which is known as the “round-up” feature would enable CashApp debit card users to do a round-up of whatever change they have after making a transaction into Bitcoin.

Pushing Deeper Into Cryptocurrency

The American financial services company had in its published fourth-quarter earnings report showing that it amassed a whopping $1.96 billion in the sales of Bitcoin, an income it claimed was brought in through CashApp in the last quarter of the year.

Going by the third and final feature which the company announced at the Bitcoin 2022 conference, a feature that hinges around the Lightning Network feature which would enable sending and receiving of Bitcoin, Block continues to show that Blockchain technology holds a sweet spot for the future.

As a company, all of these innovative add-ons most definitely will increase its relevance as a payment service provider and also set it at par with competitor brands such Coinbase and Robinhood which are active players in providing both traditional and crypto payments.

Victoria Nye
A Blockchain columnist who is enthusiastic about developing a network interface between the real world and the cryptosphere.

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