Square Enables Deposit of COVID-19 Stimulus Payment via Bitcoin-Friendly Cash App
Square, a mobile payments platform, recently announced the addition of a new feature that would enable users to deposit their COVID-19 stimulus payment to its bitcoin-friendly Cash App.
Square’s Cash App Now Allows COVID-19 Stimulus Package Deposits
According to a blog post, Square’s Cash App announced that users eligible for the coronavirus stimulus provided by the U.S. government can deposit the payments into their Cash App account.
An excerpt from the announcement reads:
Cash App now offers routing and account numbers that you can use to deposit your stimulus payment directly to your Cash App balance. To find them, tap the Banking tab on the bottom left of your Cash App home screen. If you don’t see them, you can get them by activating your free Cash Card.
In March 2020 the U.S. government signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) act, a $2 trillion stimulus package, to cushion citizens against the economic meltdown caused by the COVID-19 pandemic.
Jack Dorsey, Twitter, and Square CEO, requested to help the government distribute the stimulus package, stating that Square and other payment platforms can get funds to people faster and also reach out to citizens and residents without bank accounts.
The current offering from Cash App affords people without a bank account the opportunity to deposit stimulus payments into their Cash App accounts for instant use. Furthermore, the Internal Revenue Service (IRS) recently set up a website to allow non-tax filers to register for the stimulus payment. Another tool for tax filers will be launched on April 17.
Cash App users can use their deposits on the platform to purchase bitcoin and other digital currencies. Also, different pundits are of the opinion that the current quantitative easing (QE) by the U.S. Federal Reserve might force people into jettisoning the dollar for hard assets like bitcoin.
Square Big on Retail Crypto Utilization via Cash App
Square has continued to find ways to make payments easy for its users and has constantly pushed for bitcoin and crypto adoption. As reported by BTCManager in February 2020, Square’s Cash App sold $517 million worth of bitcoin in 2019, an exponential increase from its 2018 record.
Also, Square’s crypto arm launched a Lightning Development Kit (LDK) to enhance developer experience and accelerate bitcoin adoption.
Jack Dorsey, is also a big proponent of BTC and has constantly evangelized the benefits of crypto. Dorsey earlier in the year added a bitcoin emoji on the microblogging platform, Twitter, to the delight of many crypto enthusiasts. Back in December 2019, the Twitter Chief visited some countries in Africa to promote BTC in the continent.