Mobile payment app, Square has announced that its Cash App now supports the buying and selling bitcoin in all 50 states of the U.S.
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 announcement is in line with the convictions of Square’s CEO, Jack Dorsey, who is a huge proponent of bitcoin which he referred to as ‘transformational technology’. According to Dorsey, “the internet will have a single currency” and “that it will be bitcoin.”
Last year, following the popularity of bitcoin, Square introduced bitcoin purchase on its cash app. The company has since expanded this service from a few select states and now to all the states of the U.S. In June, Square acquired bitlicense which is required to offer cryptocurrency services in New York, further increasing the reach of its bitcoin service. While announcing the firm’s agreement with the New York State Department of Financial Services, Brian Grassadonia, Head of Cash App hinted at further expansion of Square’s bitcoin service.
The announcement comes just two weeks after the company posted its cryptocurrency profits for the second quarter, two times the profit gained the previous quarter. According to Square’s financial documents, the company generated $70 million in bitcoin-related activity in the first half of 2018. The company also reported half-million revenue from transaction fees.
With its bitcoin buying and selling service now in all 50 states of the U.S., Square can expand the extent of its services and compete directly with operators like Coinbase and Circle. Dorsey hinted that the firm is considering moving in other directions. “Bitcoin, for us, is not stopping at buying and selling,” he said, adding that they want to learn as quickly as possible.
The announcement seems to be effective immediately; some users who responded to the announcement confirmed the service in their states.