“Pomp” said the most important fact about the Square purchase is that the company has made public the documents of its Bitcoin purchase process “because others are considering similar strategies”. MicroStrategy CEO Michael Saylor welcomed the news and congratulated Square’s CEO: Recommended for you: The whistleblowers’ allegations cover 2016 through 2022 and describe “a shadow financial system beyond the reach of regulators” where due diligence on Cash App’s users was negligible and often did not adhere to sound banking practices and rules. In addition, Cash App’s use of different institutions providing services for users prevents bank regulators from seeing the full scope of the transactions at the institutions they monitor, the submissions say. The siloed structure of the Cash App machine, the whistleblowers say, “misdirects the attention of regulators.”
Bitcoin (BTC): We currently support Bitcoin address formats that start with a “1” (P2PKH), “3” (P2SH) and “bc1q" (Native SegWit/Bech32). We don't currently support lightning network transactions or address formats that start with “bc1p” (taproot). Sign up for the Decrypt Daily below. (It’s free). Cash App is a peer-to-peer (P2P) mobile payment app for people in the US and UK that lets you send money to other Cash App accounts. You can also invest in stocks through Cash App, trade Bitcoin, or pay for goods and services at participating retailers.