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We do the research, you get the alpha! Get exclusive reports and access to key insights on airdrops, NFTs, and more! Subscribe now to Alpha Reports and up your game! Go to Alpha Reports Jack Dorsey’s Bitcoin-focused fintech giant Block is closing down its Cash App platform for British customers. An announcement on the app’s website Thursday said that the service would no longer be available in the United Kingdom from September 15. Cash App is a popular mobile payment platform that allows users to send money to each other. It launched in the UK back in 2018. The app also has a feature allowing U.S. customers to buy, sell, send, and receive Bitcoin. The Bitcoin feature was not available to British customers, however. The announcement read: “We do not make decisions like this lightly, as we know they impact our customers, our partners, and our team members who have helped us build to where we are today.” Block—which rebranded from Square Inc. in 2021—is the fintech company behind Cash App. Its press office didn’t immediately respond to Decrypt‘s questions, but the Thursday announcement added that Cash App’s approach “prioritizes our focus on the United States, and deprioritizes global expansion.” Silicon Valley bigwig Jack Dorsey founded Twitter (now known as X) back in 2006, but he left the social media platform to focus all his efforts on Bitcoin-related services. Dorsey regularly talks about how the cryptocurrency will change the world—and his company’s products are becoming more Bitcoin-friendly as a result. Back in 2022, Cash App launched a service allowing American users to send Bitcoin via the Lightning Network, a layer-2 solution that enables cheaper and faster transactions so the cryptocurrency can be used to make smaller purchases. Edited by Andrew Hayward Daily Debrief Newsletter Start every day with the top news…

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Filed under: News - @ July 20, 2024 8:24 am