Recently after disclosing that Square’s cryptocurrency profits had doubled in the second quarter, the payments company made the long-awaited announcement on Twitter: users can now use Cash App to buy bitcoin in fifty states.
The announcement appears to be effective immediately, with users reporting wide availability in tweets.
As per Square CEO Jack Dorsey, the move is yet another in a string of moves and statements by, who has long expressed a strong bullish view of the cryptocurrency.
He Says,“The internet will have a single currency. I personally believe that it will be bitcoin.”
Square, added bitcoin purchase and sale functionality to its payments app in late 2017, has also slowly expanded bitcoin functionality from the time since.
The simple mobile interface was made available to users in select states before the payments company acquired a bitlicense from the New York Department of Financial Services and added support in New York state in June.
Brian Grassadonia, Head of Cash App, mentioneing the inportance of licence and things to come 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.”
During the roll-out, Square reported it generated more than $70 million in bitcoin-related activity in the first half of 2018, earning less than a half-million dollars in trading fees.Noted that during this period, bitcoin fluctuated wildly, trading in a range between $6,000.00 BTC and more than $19,000.00.