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Barely two weeks after Square reported its profits from crypto operations has doubled, the company took to its Twitter account to announce that users can now use the company�s Cash App to trade Bitcoin anywhere in the 50 states of America.
According to CoinDesk the announcement appears to be effective immediately, with users reporting wide availability in tweets.
The move follows Square CEO Jack Dorsey�s admiration on cryptocurrency who has long expressed a bullish view of the cryptocurrency.
Dorsey expressed,
The financial company added support for Bitcoin transactions back in 2017, but for many reasons, this service has grown slowly. The company�s mobile app was made available to users in few specific states.
It all began to change in June after Square got its bitlicense issued by the New York Department of Financial Services, which allowed it to operate on the New York market.
Brian Grassadonia, Head of Cash App, noted the importance of the New York authorities� acceptance, indicating that there will be many changes in the near future.
Competition with the big boys
Availability in all fifty states positions Square�s Cash App to compete more directly with Coinbase, the leading consumer application for cryptocurrency purchases in the United States. Coinbase claims to have enabled the trade of more than $150 billion cryptocurrencies since its launch in 2012, generating more than $1 billion in revenue in 2017 from a reported 20 million registered users.
At the end of 2017, Square reported more than 7 million monthly active users, many who joined for the peer-to-peer USD sending service.
Square officially launched the bitcoin purchasing option on its Cash App in January following a testing phase started last year. However, the service was not offered in the states of New York, Georgia, Hawaii and Wyoming due to their more restrictive regulations regarding bitcoin transactions.
Bloomberg reports that Coinbase suspended its bitcoin buying service in Hawaii last year after regulators in the state imposed a double reserve requirement on the exchange, meaning it would have been required to maintain cash reserves equal to any cryptocurrency funds held for its customers.