UK operations for the popular app will stop by September 15.
Photo by Mariia Shalabaieva on Unsplash
Key Takeaways
- Block, the business behind Cash App, pointsout regulative troubles in the UK as a factor for the shutdown.
- Block hasactually been greatly investing in collaborations and combinations for Bitcoin, Bitcoin Lightning, and mining hardware.
Cash App, a popular mobile payment platform, will stop operations in the United Kingdom by September 15.
Block, the fintech business behind Cash App, revealed the closure on Thursday. The choice to withdraw from the UK market comes as part of Block’s method to focuson its focus on the United States and deprioritize international growth.
Cash App introduced in the UK in 2018, offering peer-to-peer cash transfer services. However, unlike its UnitedStates equivalent, the UK variation did not consistof performance for Bitcoin purchases. This function, which enables UnitedStates clients to purchase, offer, sendout, and get Bitcoin, hasactually endedupbeing significantly popular in current years.
“We do not make choices like this gently, as we understand they effect our clients, our partners, and our group members who have assisted us construct to where we are today,” Block mentioned.
Block, previously understood as Square Inc., hasactually been gradually incorporating Bitcoin-related services into its items. In 2022, Cash App released a service allowing American users to sendout Bitcoin bymeansof the Lightning Network, a layer-2 option fa