Bitcoin Magazine
Miles Suter: Cash App Now Offers Best Bitcoin Pricing, Higher Withdrawals for Users
Cash App, the popular digital wallet and payments app, announced a series of changes to its Bitcoin offering, including a massive increase in withdrawal limits, lower fees, new funding rails, and lots more in an exclusive interview with Miles Suter, Product Lead at Block Inc.
“Our mission is to make living on bitcoin simple and practical,” Suter told Bitcoin Magazine. The company, which today serves over 58 million active users, recently announced a deep set of upgrades to the app, further integrating Bitcoin into the user experience while improving quality of life for Bitcoiners on the app, and unlocking further functionality.
The most awaited and noteworthy update is likely the expansion of the withdrawal limits, which were raised to 10,000 a day from 2,000 and 25,000 a week from 5,000 for eligible customers. This update was rolled out by default to the vast majority of users, who should have access to it now. Suter also mentioned that those who do not see the withdrawal limit expansion can reach out to him or support for further review of eligibility.
However, a lot more changed under the hood. Fees and clearing prices also improved with “no spreads” on pricing, according to Suter, one of many user experience updates that may lead the charge across the industry in terms of interface design.
Spreads are gaps in the price of an asset like Bitcoin, depending on whether you are buying or selling. Usually, they are the result of order books that match buyers and sellers on a list sorted by exchange rate. A small spread between the most anyone is willing to pay for some bitcoin and the least anyone is willing to accept for theirs, is normal in most exchanges. But it can also be confusing and appear like inconsistent pricing. Many exchanges hide a small commission in this spread, as they look for low-friction profits. Cash App appears to be eliminating this from the user experience, in turn giving users a single price point for both sides of the market.
This pricing update, alongside the 0% fees, might make Cash App the most cost-effective way to buy and sell Bitcoin within the United States. Suter goes as far as to say Cash App now has the “best price in the world” for purchases over 2,000 dollars.
source: https://cash.app/bitcoin
Funding Rails and Stablecoins
Funding rails also got an expansion in this update. Historically, Cash App was built to work with debit cards, a strategy that likely unlocked fast retail adoption but came with various funding limits. Suter was excited to share that new funding rails have been added to Cash App, including ACH, which unlocks deposits as high as 10,000, and also integrated wires for large purchases. As such, this is more than a quality of life upgrade for Bitcoiners inside Cash App, it is a historic milestone for the company, which has been servicing retail a
