In the cryptocurrency news today, we can see that Square enables direct stimulus payments for all US citizens and residents who do not usually file a tax return to direct forthcoming government stimulus payments. The move comes after the company failed to convince the United States Treasury to allow it distribute the stimulus funds to segments of the US population.
Within hours of the green-lighting the distribution of stimulus funds to people who don’t file tax returns by the Internal Revenue Service (IRS), Square enables users to accept payments issued under Coronavirus Aid, Relief and Economic Security (CARES) Act directly into their Cash App balance.
The CEO of Twitter and Square confirmed this and was quick to point out the following on his Twitter profile.
Get your $1,200 even if you didn’t file a tax return in 2019 https://t.co/sM5VWkev5b
— jack (@jack) April 10, 2020
A post on the website of Square’s Cash App also shows that the app will provide “routing and account numbers that you can use to deposit your stimulus payment directly to your Cash App balance.”
On the same day, we could see that the Bitcoin friendly app Square launched an online portal to make it easy for non-tax paying users to request payments to their Cash App account from the IRS. A similar portal will be also rolled out on April 17 to also allow taxpayers to request that the payment is made to their Cash App balance.
At the end of last month, Square representatives from Cash App and fellow digital payments platform, Vernmo, engaged the US Treasury to discuss how they can assist in disbursing the stimulus packages.
Amid the entire economic downturn, the Bitcoin news show that Square noticed an increase in engagement with Bitcoin on its mobile friendly Cash App. During the investor call on March 21, the CFO of Square stated that “adoption and engagement of fractional equity investing in Bitcoin have accelerated in recent weeks” and cited “recent market interest and volatility.”
Meanwhile, as Square enables this feature, we can see that Bitcoin (BTC) is increasingly becoming a cornerstone of Square’s revenues. A shareholder letter published in late February announced that half of the firm’s Q4 2019 revenue came from Cash App’s Bitcoin services.
Square is continuing to be a leader in terms of mobile-friendly BTC payments. As we can see, the app is getting used by more people every day and the trend shows that the market likes its features.
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