CandleFocus Cash App Has Dropped Its Zero Fee Bitcoin $Cashtag Transfers
2024-12-03
Author: Content Editor
Cash App, the payment application founded by Jack Dorsey, will no longer support free peer-to-peer Bitcoin payments between users. The change will take effect from December 20. However, customers outside of New York will still be able to send and receive Bitcoin using the Lightning Network. Cash App's decision is based on focusing internal resources on the products and services that Bitcoin holders value most. The company's regulatory filings show that Bitcoin support has been profitable, with over $65 million in Bitcoin profit generated in Q4 2023. Cash App has over 57 million active users on its platform. The internal changes come after federal prosecutors investigated Cash App's compliance practices earlier this year, and reports surfaced of small transactions involving sanctioned countries.
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