As a long-term crypto investor and avid user of Cash App for my Bitcoin transactions in the US, I was taken aback by Block’s recent announcement regarding the closure of their UK operations. I understand that companies must make tough decisions, but this one hits close to home.
As a researcher focusing on fintech and digital currencies, I’ve come across recent news that Block, the Bitcoin-centric company helmed by Jack Dorsey, has decided to shut down its Cash App operations within the United Kingdom.
The app’s website announcement indicates that the platform will shut down in the UK on September 15, 2024.
As a crypto investor based in the UK, I’ve been using Cash App for mobile payments since its launch here in 2018. It’s convenient and easy to use, enabling me to send funds to other users. However, unlike my US counterparts, I’ve missed out on Bitcoin-related features that come with the American version of this app.
The company expressed caution about making such decisions, acknowledging their far-reaching consequences for customers, business partners, and team members who have contributed significantly to its growth. The statement also revealed that this action forms part of a new strategic direction, which places greater emphasis on the US market while reducing efforts towards expanding globally.
Under Dorsey’s guidance, Block, formerly known as Square, Inc., has been progressively expanding its Bitcoin-related offerings. In the United States, Cash App, a service provided by Block, allows users to buy, sell, transfer, and receive Bitcoins. Additionally, it supports transactions through the Lightning Network.
Today, all Cash App UK account users will be notified via communication about an upcoming change. In the following weeks, we will keep you informed about any modifications and required actions.
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2024-07-19 01:08