Square Cash Rolls Out Bitcoin Trading in All US States
Effective from Monday, Square Cash users in all US states can buy and sell Bitcoin via their smartphones.
Square Cash, the mobile money transfer and payments app, has extended its support for Bitcoin trading to all 50 US states.
As per a tweet from Monday, the change is effective immediately.
"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 option to buy and sell Bitcoin through Square Cash was rolled out last November to select users in some US states, but it has since been expanded to include more users. They can conduct transactions almost instantly and spend the cryptocurrency in regular brick-and-mortar outlets through a Visa card issued by Square.
In June, the company obtained the coveted New York BitLicense, allowing it to offer the service to residents of New York state.
"Our customers have shown interest in a simple, approachable way to buy and sell Bitcoin. Through our pilot, we’ve learned a great deal about how we can make this experience faster and easier and we’re excited to expand its availability," the company said in February after expanding the coverage.
The creator of Square, Jack Dorsey, has been a Bitcoin supporter for a while, and the company’s solution for businesses has allowed merchants to accept the cryptocurrency since 2014.
The addition of a Bitcoin trading option for regular users will likely prove to be a smart move on the part of Square. According to a recently released unaudited financial statement, the Bitcoin revenue of Square for the three months to June 30 amounted to just over $37 million, up 8.5% from the preceding quarter. Square’s Bitcoin operations generated around $400,000 in profits during the second quarter.
Square is not the only mobile app that started off with another purpose but has ended up offering Bitcoin trading as well. Another example is Robinhood, which launched as a zero-fee stock trading app. However, the latter’s crypto trading service covers only about half of the US states.
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