Crypto Trading On Square Cash App Now Available in All 50 US States
Square's Cash App, a PayPal-like service, has announced that it has enabled the buying and selling of Bitcoin in all 50 states across the United States.
Square’s Cash App, a PayPal-like service, has announced that it has enabled the buying and selling of Bitcoin in all 50 states across the United States.
Two weeks ago, the company revealed that its cryptocurrency revenues had doubled in the second quarter of the year. The addition of new states should further drive the company’s cryptocurrency volume.
The popular payment app tweeted:
Red, white, and bitcoin. Now you can use Cash App to buy bitcoin in all 50 states.
The announcement was met with widespread acceptance as users across the country reported availability of the service via Twitter.
Square and Dorsey Bullish on Bitcoin
Square and its CEO Jack Dorsey who is also the CEO of Twitter have been making a lot of moves in the right direction. Dorsey has been known for his very bullish view on Bitcoin and other cryptocurrencies.
He was quoted as saying:
The internet will have a single currency. I personally believe that it will be bitcoin.
The company first included bitcoin trading to its payments app in late 2017. It has since then expanded its functionality slowly and looks to become a leader in crypto trading and payments.
Bitlicense granted by NYDFS
It was first made available in just a few states before Square was granted a BitLicense from the New York Department of Financial Services. Cryptocurrency support in the state of New York began approximately two months ago.
Brian Grassadonia, Head of Cash Appbelieves that the approval was a sign of things to come while talking about the BitLicense in New York. He explained:
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 earlier reported that it had generated over $70 million in bitcoin-related activity in the first half of 2018. It also earned less than a half-million dollars in trading fees during that time frame.
The Bitcoin price has been on a decline during that period though, trading in a range between $6,000 BTC and more than $19,000.
Square set to compete with Coinbase
This latest development by Square means that it would be able to compete directly with cryptocurrency exchange Coinbase.
The two will compete to be the leading consumer application for cryptocurrency trading in the United States, a position that Coinbase currently controls.
Coinbase noted that since it was launched, it has traded over $150 billion worth of cryptocurrencies. It generated over a billion dollars in revenue last year from its 20 million registered users.
Square reportedly had more than 7 million monthly active users at the end of last year, with most of them joining the platform for its peer-to-peer USD sending service.
Square is still behind though in terms of the number of cryptocurrencies offered. The Cash App only offers Bitcoin at the moment, while Coinbase and competitors such as Robinhood and Abra already offer support for multiple cryptocurrencies.