Square Rolls Out Bitcoin Service to Cash App in Every US State
The popular mobile payment service Square has announced that consumers across all 50 U.S. states can now use the Cash App to purchase and sell Bitcoin (BTC).
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
BTC Across the U.S.
Square first launched BTC trading on the Cash App to a select number of users in November 2017 and was in the process of getting approval from each state’s regulators.
By the end of January 2018, BTC trading was available to nearly all of the app’s users–except for those living in Georgia, Hawaii, New York and Wyoming.
In June, Square acquired a BitLicense to operate in New York.
Historically, New York has the strictest regulations on cryptocurrency and the approval of Square’s BitLicense is a big step for the mobile payment company. The license may also indicate that New York is shifting its outlook on cryptocurrencies.
Square’s Crypto Progress
While the crypto market may have declined from its peak in late 2017, Square, co-founded nine years ago Twitter CEO Jack Dorsey, has seen revenue growth from the space.
Just two months after the company acquired its BitLicense, the company announced it had generated more than $70 million in revenue from cryptocurrency in Q2–a $36 million dollar difference over Q1.
The Cash App continues to rise in popularity and recently surged past its main competitor, PayPal’s Venmo. According to recent data from Sensor Tower and Nomura Instinet, the Cash App has grown three times faster than Venmo.
Dan Dolev, a Nomura Instinet analyst, told CNBC:
“If the Cash App continues to grow rapidly, the business could reach or even exceed $100 million in sales by 2020, even without deeper active user penetration. With impressive user growth and ongoing decoupling from Bitcoin, we believe Square’s monetization efforts are increasingly bearing fruit.”
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