Californian credit card payments operator Square is excited to announce that its Cash App allows you to trade Bitcoin (BTC) in all 50 U.S. states.
Nearly two weeks after Square reported its profits from crypto operations, the company shared with its Twitter followers that they can now use the company’s Cash App anywhere in the 50 states of America. The community has responded positively to the company’s announcement, showing interest in the new service.
Red, white, and bitcoin. Now you can use Cash App to buy bitcoin in all 50 states. pic.twitter.com/D4fhVRz7WL
— Cash App (@CashApp) August 13, 2018
The move follows Square CEO Jack Dorsey’s admiration on cryptocurrency. He believes that:
“The internet will have a single currency. I personally believe that it will be bitcoin.”
The financial company has added support for Bitcoin (BTC) transactions back in 2017, but for many reasons, this service has grown slowly. The company’s mobile app has imposed barriers to users as it was only available in a few specific states.
Square obtained a bitlicense in June 2018
It all began to change in June after Square got its bitlicense issued by the New York Department of Financial Services, which allowed it to operate on the New York market.
Brian Grassadonia, Head of Cash App, mentioned the importance of the New York authorities’ acceptance, indicating that there will 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.”
Square versus Coinbase
According to the latest report, Square has gained over $ 70 million in Bitcoin-powered operations in the first half of 2018, of which half-million dollars were registered from trading fees.
By the end of 2017, Square had over 7 million monthly active users.
The new success of the company represented by the availability of the Cash App in all US states gives Square a status that many cryptocurrency projects would like to have. We can say that Square will now compete directly with the U.S. leader in crypto transactions- Coinbase. Since the launch of the platform (2012), Californian cryptocurrency exchange has collected $ 150 billion worth of cryptocurrencies, reporting a $ 1 billion profit in 2017 with a 20 million database of users.