The big picture: It hasn't been a great year for cryptocurrencies but now that the Cash App is supported in all 50 states, perhaps Bitcoin can finish out 2018 on a positive note.

Mobile payment facilitator Square now lets customers in all 50 US states buy and sell Bitcoins through its Cash App. The company, co-founded by Twitter CEO Jack Dorsey, recently announced the service expansion on Twitter.

As CoinDesk recounts, Square first launched its Bitcoin purchasing option in January following a successful test run last year. It wasn’t available in all states, however, as some have more restrictive regulations on cryptocurrency transactions.


In Wyoming, for example, a bill was passed in March to do away with the state’s double reserve requirement for companies dealing in cryptocurrencies. Under the double reserve requirement, a company would have to maintain cash reserves equal to the amount of cryptocurrency funds held for customers.

Square also secured a “BitLicense” to operate in New York. According to CoinDesk, it’s one of just a handful of crypto companies allowed to operate in the state.

Square in its second quarter financial report earlier this month said it made around $420,000 from facilitating Bitcoin purchases. That’s up from the $223,000 it made in the first quarter.

Keep in mind that Square’s Cash App isn’t really a dedicated cryptocurrency wallet meaning it’s probably not the best solution for long-term Bitcoin storage. For that, you’ll want a true wallet.