Almost two months ago, the New York Department of financial services announced the approval of Square’s application for virtual currency license i.e. Bitlicense. Since then, Cash app has been supporting customers in selected states for the sale and purchase of bitcoin and several other cryptocurrencies. However, yesterday the company tweeted that the cash app is now available for use in all the 50 states of America.
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
Square Inc. was slow to integrate the exchange of Bitcoin for all its users. It only started in the last quarter of 2017. However, due to bitcoin’s popularity among the crypto enthusiasts and investors, the company has action collecting the license from the NYDFS (New York Department of Financial services). Brian Grassadonia, head of Cash App also lay emphasis on how this was only one of the first steps to incorporate the prominent cryptocurrency bitcoin. He said,
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 CEO of Square Inc., Jack Dorsey also stated how important the cryptocurrency Bitcoin is and it will have a major role to play in the future. Dorsey said,
The internet will have a single currency. I personally believe that it will be bitcoin.
Square Inc. has profited greatly by the addition of the usability of peer-to-peer payment in the last quarter of 2017; the profit was estimated to be $200,000 in the first quarter of 2018, which increased rapidly to a whopping $420,000 in the second quarter. However, the officials at Square Inc. have made it very clear that they do not intend to benefit monetarily from the trade of Bitcoin. Their platform is to solely provide the utility of these tokens. The CFO Sarah Friar told,
It’s not a major monetization engine; the goal is to continue to drive utility in the Cash App. We have some spread in there to allow for the fact that bitcoin is volatile. We’re not trying to push on the monetization of bitcoin today.
With popularity of cryptocurrencies increasing with each passing day, the need for the mediums allowing and supporting its exchange for everyday use in also increasing. The Cash App is available to use for all, free of cost. It can be downloaded from the Apple or the Google play Store. The App provides you wish a VISA card that can be used for transferring crypto or fiat currencies. The Cash App also introduced a new feature called Cash Boost which allows its users to get discounts every time they make a purchase at a specific place they selected.
Jack Dorsey told in a conference earlier this year that they would be promoting the means of exchange of Bitcoin and several other cryptocurrencies. He has been an avid supporter of the groundbreaking technology and the features it offers. He mentioned at the conference,
Bitcoin, for us, is not stopping at buying and selling, we do believe that this is a transformational technology for our industry, and we want to learn as quickly as possible.
With the announcement of its availability in all fifty states of America, Cash App now stands among its competitors including the leading consumer applications for cryptocurrency exchanges, who have relatively larger number of users. Where Cash App had 7 million monthly active users reported, Coinbase had a massive 20 million registered users from whom a revenue of $1 billion was generated.
To conclude, Cash app offers a simple yet a great solution to all those people who want a hassle free exchange of cryptocurrencies. With the introduction of Cash app over all 50 states, the likelihood of cryptocurrencies being adopted extensively over the masses has to increase.