Barely two weeks after Square reported that its profits from crypto operations had doubled, the company took to its Twitter account to announce that users can now use the company’s Cash App to trade Bitcoin anywhere in America: in all 50 states!
According to CoinDesk, the announcement shows that this open trading opportunity is effective immediately, with users also reporting wide availability in tweets.
The move is not a surprise, bearing in mind Square CEO Jack Dorsey’s long-standing bullishness on crypto – particularly Bitcoin.
Dorsey has previously said:
The internet will have a single currency. I personally believe that it will be Bitcoin,
The financial company added support for Bitcoin transactions back in 2017, but for many reasons, this service has grown slowly. The company’s mobile app was made available to users in few specific states.
It all began to change in June after Square had its bitlicense issued by the New York Department of Financial Services, which allowed it to operate on the New York market.
Brian Grassadonia, the Head of the Cash App, noted the importance of the New York authorities’ acceptance, indicating that there would be many changes in the near future.
We are thrilled to now provide New Yorkers with Cash App’s quick and simple way to buy and sell bitcoin. Square and the New York State DFS share a vision of empowering people with greater access to the financial system and today’s news is an important step in realizing that goal.
Availability in all fifty states positions Square’s Cash App to compete more directly with Coinbase, the leading consumer application for cryptocurrency purchases in the United States. Coinbase claims to have enabled the trade of more than $150 billion in cryptocurrencies since its launch in 2012, generating more than $1 billion in revenue in 2017 from a reported 20 million registered users.
At the end of 2017, Square reported more than 7 million monthly active users, many of whom joined for the peer-to-peer USD service.
Square officially launched the Bitcoin purchasing option on its Cash App in January following a testing phase which started last year. However, the service was not offered in the states of New York, Georgia, Hawaii and Wyoming due to their more restrictive regulations regarding Bitcoin transactions.
Bloomberg reports that Coinbase suspended its Bitcoin buying service in Hawaii last year after regulators in the state imposed a double reserve requirement on the exchange, meaning it would have been required to maintain cash reserves equal to any cryptocurrency funds held for its customers.
Following a change in law that scrapped the double reserve requirement for companies dealing with virtual currencies Square expanded the option to Wyoming residents in March.
What’s your take on the availability of Square’s Cash App in 50 states? Let us know in the comments section.