Jack Dorsey’s Square Cash App continues to expand. After revealing massive growth earlier this year, the quick-pay Venmo competitor announced that its Bitcoin trading tools are now available 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
No, Not That Bitcoin Cash
Dorsey, also CEO of Twitter, introduced Square Cash in 2015 as a way for users to send funds between one another. Recipients could instantly transfer the money to their banks or to the platform’s specialized debit card.
This January, the service expanded to support Bitcoin trading for the public. Yet, due to state-level regulation, New York, Wyoming, Hawaii, and Georgia were forced to stick to fiat currency transfers only.
Since then, Square Cash has put all of their efforts into overcoming this barrier. The app acquired the heavily sought-after BitLicense to operate in the state of New York while branching out into Wyoming after a bill adjustment. How Square Cash acquired Hawaii and Georgia—a feat even Coinbase has not been able to accomplish—has yet to be announced.
Suggested Reading: Click here to read why Coinbase is among our favorite cryptocurrency exchanges
Square Cash Isn’t Stopping Here
The introduction of Bitcoin transactions earned Square $37 million in the second quarter of this year. While the fiat-turned-crypto trading app isn’t the only mobile digital asset exchange, it’s grown to be one of the most popular. Square Cash currently stands on top of the “Finance” section in the Apple App Store.
Interestingly, Square’s website has hardly updated to reflect the change. Regardless, this is a significant win for Square Cash. As of now, Dorsey’s venture has at least one advantage over competitor Coinbase—the current top cryptocurrency exchange in the United States.
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