Square Cash Expands Bitcoin Service In All 50 States
Mobile payments firm Square now lets the users use cash app to buy and sell bitcoins in all 50 states. On Monday, the chief executive, Jack Dorsey made an announcement of the service expansion on Twitter. CoinDesk reported that Square will launch the bitcoin purchasing option on its Cash App in January.
The move is yet another in a string of statements and moves made by Jack Dorsey, the CEO of Square. Dorsey stated,
The internet will have a single currency. I personally believe that it will be bitcoin.
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
Square had slowly expanded bitcoin functionality in the time since he had added bitcoin service to its payment app. The simple mobile interface was made available to the users of selected states before a Bitlicense was acquired by the payments company from the New York Department of Financial Services and added support in New York in June.
Brian Grassadonia, Head of Cash App stated,
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 also reported that it generated more than $70 million in bitcoin-related activity in the first half of 2018. It earned less than a half-million dollars in trading fees. In this period, bitcoin fluctuated wildly. It traded in a range between $6,000.00 BTC and more than $19,000.00. Since its launch in 2012, Coinbase claims to have enabled the trade of approx $150 billion cryptocurrencies. This generated more than $1 billion in revenue in the year 2017 from a reported 20 million registered users.
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