Square Cash Opens In All 50 States
Square Cash’s cryptocurrency has not only seem a successful increase in the second quarter, but the platform also announced a significant development on Twitter. The platform’s users can now use Cash App to buy bitcoin in all 50 states.
Jack Dorsey, the platform’s CEO, stated, “The internet will have a single currency. I personally believe that it will be Bitcoin.”
Square makes the adoption of bitcoin as a viable and commonly-used currency much more likely. Those who use the platform can use the simple mobile interface to buy and sell bitcoin. Further, the platform acquired a Bit License, as required, by the New York Department of Financial Services.
The approval is certainly significant. Brian Grassadonia, the 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.”
The platform also recently reported that it raised over $70 million in bitcoin-related activity since the start of 2018 and earned less than half-a-million dollars in trading fees. The application will be available in all fifty states and is poised to compete directly with Coinbase. With Square Cash’s user growth and its 7 million monthly active users, there is a high chance that the platform will continue to do well, even with the competition.