Cash App Expands Bitcoin Features as Block Inc. Plans Staff Reductions
- Cash App introduces zero-to-low fee Bitcoin buys, higher withdrawal limits, and 24/7 access, in the part of making it more convenient
- Cash App’s news bitcoin features are introduced while the parent company Block Inc. plans up to 10% staff reductions.
Cash App, owned by Block Inc., introduces new bitcoin features on its platform to make it more accessible and usable, as Block Inc. is preparing to reduce its staff by up to 10% to reduce costs and to strengthen profits. On February 10, Cash App’s X post mentioned, “Cash App is built for living on bitcoin. We’re making foundational changes that help make Bitcoin everyday money.”
The platform announced that users can now buy Bitcoin with zero to low fees, including no fees on large purchases, recurring buys, and spending through the Lightning Network. Additionally, the eligible users will see higher withdrawal limits, making it easier to move their Bitcoin in and out of the platform.
Also, every Bitcoin purchased on Cash App is held 1:1, where users have full backing for their holdings and have 24/7 access to withdraw their funds at any time. With these new features, Cash App strengthens Bitcoin and tries to make it useful for daily financial activity.
According to their open letter in the same X post, Cash App is lowering fees with clearer pricing, including removing fees and spreads entirely on purchases over $2,000. Then, the eligible users would see bitcoin withdrawal limits increase five times
As the new Bitcoin features got a positive reaction, the Lightspark founder, David Marcus, wrote, “This is amazing.”
With that, on February 9, Block Inc.’s stocks closed at $56.78 with 1.45% surge, and after the closing hours, it posted gains of around 0.81%
Block Inc. Reduces Staff to Save Costs
As this announcement of Bitcoin features announcement came after the bloomberg reported that Jack Dorsey led Block In, the group behind Cash App, Square, and Afterpay, is planning to cut up to 10% of its staff on February 7, as these job cuts might affect around 1000 employees, mainly to save costs and become more efficient
As the staff reductions are being implemented across different teams as part of Block’s annual performance assessment process, the process is ongoing and expected to continue until late February.
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