Cash App, a popular digital wallet and payments platform, has introduced significant updates to its Bitcoin services, including increased withdrawal limits, reduced fees, new funding options, and other improvements. Miles Sutter, Block Inc.’s product lead, stated that the goal is to make Bitcoin easy and practical for everyday use. The withdrawal limits for Cash App’s over 58 million active users have been raised from $2,000 to $10,000 daily and from $5,000 to $25,000 weekly. These changes have been automatically applied for most users, with customer support available for those who do not yet have access. Fees have also been lowered, and there is no spread on prices, meaning users receive a single price for buying and selling Bitcoin, making Cash App one of the lowest-cost platforms in the U.S. for Bitcoin transactions. According to Sutter, Cash App offers the best prices globally for purchases over $2,000. The funding rules have been updated to allow users to deposit large amounts via ACH and wire transfers. Cash App aims to further integrate Bitcoin into its app so users can use it as a base currency. Sutter also hinted at future integration of stablecoins, which will simplify cryptocurrency choices for users and display all transactions in U.S. dollars. By 2026, Cash App plans to fully automate Bitcoin payments to facilitate smoother transactions between users and merchants, incorporating mechanisms to reduce tax issues and mitigate price volatility. These updates are part of Cash App’s ongoing efforts to mainstream Bitcoin and enhance its acceptance and usage within the financial system.
Source: bitcoinmagazine
