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.
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
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.