Cash App Blocks a Bitcoin User’s Access to Account with No Explanation

Bitcoin proponent Twitter CEO Jack Dorsey’s Cash App seized the funds of a user who was using it to buy Bitcoin.

The crypto user took to Twitter to share their grievance that they have been a user of the app for years to buy “thousands of dollars worth of Bitcoin” and convert it into fiat.

This happened while Bitcoin is enjoying a rally; today, it surged $15,000, up more than 100% YTD.

According to the app user, he wasn’t “engaged in any shady activity,” but Square’s Cash App reversed his withdrawals and took all his money, over $1,000.

“After a recent review of your transfer of funds, we detected the use at Cash App for activity in violation of Cash App, Terms of Service. As a result, you will no longer be able to use Cash App to send or receive payments,” said the message from Cash App’s email support. It further read:

“We are also exercising our discretion under Sections 4 and 5 of the Cash App Terms of service in the decision to block or reverse your transfer of funds.

For security reasons. Unfortunately, we cannot provide more details regarding our decision.”

As per the company policy, in peer-to-peer money transmission service, fraudulent transactions may result in the loss of funds with no recourse at all.

The crypto community voiced against this move, with Samson Mow, CSO of Blockstream, pointing how “This can and will happen with every custodial service; it doesn’t matter if their CEO is nice or supportive of Bitcoin.”

Miles Suter, Square’s cryptocurrency expert, then responded that it was all a mistake, and the issue has been resolved.

“There was a mistake made here. Your account should be in good standing, and your withdrawal is not going to be reversed,” said Suter.

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Author: AnTy

Square’s Cash App Seeks Bitcoin Operations Manager to Forge ‘New Revenue Lines’

Twitter CEO Jack Dorsey’s Square continues to delve deeper into Bitcoin. After a $50 million investment in the leading digital asset, creating an entire crypto division, and forming COPA, Square’s Cash App, which has over 24 monthly active users, is now hiring for a Bitcoin operations manager.

The person will be responsible for managing certain aspects of its bitcoin business, including liquidity management, trading, and custody/cold storage while mitigating security and financial risks.

Additionally, the individual will be responsible for optimizing strategic Bitcoin partnerships and collaborating with internal and external partners.

“Drive financial performance of our rapidly scaling bitcoin business, which includes forging new revenue lines,” further mentions the job responsibility of the person who is required to have over 10 years of experience in the payments field and 2-5 years of Bitcoin knowledge.

“Entrepreneurial drive is key.”

Besides driving operational efficiency, the person would have to collaborate across cross-functional constituents, including the Cash App engineering, design, product, finance, legal, compliance, customer support, data science, and risk operations.

Identifying and remediating operational issues together with managing key external partners, participating in cross-functional projects, and supporting product development, and analyzing and leveraging multiple sources of data to make informed business decisions are also required from this full-time position.

This makes sense given that Cash App users consume more than 8% of Bitcoin’s daily issuance, and every quarter the Bitcoin sales record a significant increase. With the BTC price on the move amidst monetary stimulus, Cash App may even see more growth.

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Author: AnTy

Jack Dorsey’s Square Launches COPA to Ensure Bitcoin & Crypto Remain ‘Free and Open’

Bitcoin proponent Jack Dorsey’s payment company Square, which first ventured into crypto in 2018, is now inviting cryptocurrency firms to join its Cryptocurrency Open Patent Alliance (COPA) to ensure the industry remains open-source. Dorsey wrote,

“Square is putting all of our crypto patents into a new non-profit org we’re calling the Crypto Open Patent Alliance, which will maintain a shared patent library to help the crypto community defend against patent aggressors and trolls. Join us!”

On Thursday, the announcement was made, and COPA was launched. In its “fight to keep bitcoin and crypto free and open,” the new initiative is introduced, which ensures new ideas don’t get tied up by patent litigation.

Free to Pursue Crypto’s Future

To tackle the concern of “patent lockup” stifling innovation and adoption, Square asked the crypto community to do “what it is so famous for and come together for the greater good.” The official website reads,

“We believe there needs to be a global native currency for the internet,” and everyone should be able to “participate in cryptocurrencies and have access to its underlying innovation.”

A separate entity from Square, COPA, has a two-prong approach, including a pledge that no member asserts their patents on foundational crypto technology ever except defensively, and creating a shared patent library where members pool their crypto patents and allow each other to use them. Square Crypto said,

“As more companies join and the shared patent library grows, the freer we’ll all be to pursue crypto’s future.”

In the US, the number of blockchain and crypto-related patents already doubled between 2016 to 2017. Even Microsoft filed a patent last year for a mining system powered by human activity.

The Native Currency of Internet but “Intuitive”

Dorsey is known for his bitcoin support, who believes it could be the “native currency of the Internet.”

In an interview with Reuters this week, Dorsey re-emphasized on it, saying, like the internet, bitcoin is consensus-driven. He said,

“I think the internet warrants a […] native currency and […] Bitcoin is probably the best manifestation of that thus far. I can’t see that changing given all the people who want the same thing and build it for that potential.”

But for the leading digital asset to interact with money and change the way most people think of it, it must be “intuitive.”

The main main point here is that bitcoin is expensive to use and that people must understand why they use it and access it in a way that is similar to dealing with cash. Dorsey said,

“We have to build the coin in such a way that it is as intuitive as fast and as efficient as what exists today and obviously goes beyond that.”

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Author: AnTy

Popular Bitcoin Payment App, Square CashApp, Considers Launching Short-Term Loans

Jack Dorsey’s Square might soon be offering loans of up to $200 through its P2P service platform, CashApp. This revelation follows a recent report by TechCrunch, which highlighted that the firm is testing the new feature with about 1000 users as of press date.

Notably, Square attributed this strategic move to some factors, including the uncertainty of a second U.S stimulus. According to the firm, the market demand for loans between $20 and $200 might expand significantly as a result.

Users who qualify for these loans will be given a one-month payback period with a 5% flat fee charged on leveraged funds. Calculated annually, the interest translates to around 60%. However, it may seem quite high; it is more favorable compared to average payday loans in the U.S, which in some cases are charged as much as 700%.

Should the borrowing parties default, Square intends to put a one-week grace period, after which a non-compounding interest of 1.25% will be added to the cost every week. With the testing still in play, a CashAPP spokesperson mentioned that they are looking forward to feedback from the 1,000 clients featured:

“We look forward to hearing their feedback and learning from this experiment.”

Square’s BTC Streak Continues

Other than its prospectus loan product, Square has been making headlines in the crypto scene and is now positioning itself as the go-to platform for Bitcoin purchases. The company’s Q2 revenue from Bitcoin totaled $875 million, with $17 million as the gross profit from BTC related transactions.

These stats are up by 600% and 711% YoY, respectively. Going by these stats, a move towards loan issuance might even expose a more significant population who initially couldn’t afford a stake in the crypto market.

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Author: Edwin Munyui

Square Crypto Beefs Up Developer Roster, Adds on Libra and Lightning Network Members

Jack Dorsey’s Square Crypto is on its way to create its “dream team”. The company, which is a crypto-focused subsidiary of Square, a payment app created by Jack Dorsey, who also founded Twitter, just announced that it would hire three new developers. The open-source project has hired Arik Sosman, Valentine Wallace and Jeffrey Czyz.

Arik Sosman was an engineer who worked at Facebook and BitGo. During his time on Facebook, he was a part of Calibra, the subsidiary that was in charge of the creation of the Libra project. Sosman told the crypto media that he is very interested in both privacy and layer 2 solutions.

He also affirmed that he is curious to see what work the team will do and that he was excited to contribute to such an important project that has the potential to change the crypto world for the better.

Valentine Wallace comes from Lightning Labs, a company that is focused on developing solutions for the Lightning Network, a second layer solution to scale the Bitcoin network. Jeffrey Czyz, on the other hand, comes from the giant Google.

The duo was hired to grow the developer base of the team, the company affirmed. The team will be led by Steve Lee, who was a former product director at Google. At the moment, the team is still hiring, however. Square Crypto is currently looking for a designer to join the team.

Now, the only information left to be divulged will be what kind of project will be the first attempt of the group.

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Author: Hank Klinger