The payments application Cash App, a digital product of payments company Block, will be discontinuing its operations in the United Kingdom after being active since 2018. As per the app’s terms of service update on July 18, Cash App UK will officially shut down on September 15, ensuring that users’ funds will remain protected until withdrawal post the service closure. The decision to cease the UK operations was described as a significant one, acknowledging the impact on customers, partners, and team members who have contributed to the app’s journey.
Block, formerly known as Square and established by former Twitter CEO Jack Dorsey in 2009, transitioned to Block in 2021. Cash App, one of Block’s offerings, enables users to buy digital assets like Bitcoin (BTC) and has recently seen substantial success. The firm disclosed revenue of over $2.5 billion from Bitcoin transactions on Cash App in the fourth quarter of 2023. Cash App’s exit from the UK is a strategic move by Block, reflecting the evolving dynamics of the digital payments landscape that the fintech industry continues to navigate.
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