A couple of months ago, the popular mobile payment application Square Cash App has finally become open for Bitcoin-business in New York. Now, buying Bitcoin through the Cash App is possible in the entirety of the U.S.; but let’s be honest here, there’s less interest in Bitcoin-related operations in Georgia, Wyoming and Hawaii (the last few states in which purchasing Bitcoin via the Cash App hadn’t been possible) than in the Big Apple. But, still, it’s quite nice.
Square had first begun experimenting with the option of buying Bitcoin through the Cash App at the end of 2017, and in January it had already introduced it as an integral part of the app. Yet, due to particular state regulations in New York, Georgia, Wyoming and Hawaii, this crypto-trading option wasn’t available in those specific states. Now, however, Square announced on Twitter that it would be possible to acquire Bitcoin with the Cash App in all 50 states.
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
In mid-June, Square obtained the immensely craved “BitLicense,” which was issued by the New York State Department of Financial Services after rigorous scrutiny that had been set to evaluate the company’s security measures to prevent criminal activities through the app. With this week’s announcement, the final hurdles of purchasing Bitcoin through the Cash App in all 50 states have finally been lifted, and Square can mark a big win against companies that offer similar services such as Coinbase.
At least for Square CEO, Jack Dorsey, this further expansion is probably a big deal; in March he famously stated that “the world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin.” Well, based on Square’s augmentation of the Bitcoin buying option over the past year, he surely practices what he preaches.
A couple of weeks ago, Square reported that in Q2 2018 it nearly doubled its net profits from Bitcoin sales compared to Q1 – from $220K to $420K. Let’s see how this expansion will affect the company’s bottom line.