Square just announced that with its Square Cash app, all users are now able to buy Bitcoin in all 50 US states.
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 Ahead of the Competition
Square was originally founded by Twitter’s CEO, Jack Dorsey. The Cash App initially rolled out its Bitcoin services months ago but had to go state-by-state to get approval.
Recently, it was reported that Square also secured the so-called ‘BitLicense’ in New York, making it one of only a few cryptocurrency services that are allowed to operate within the state. Georgia, Hawaii, Wyoming, and New York have the strictest crypto regulations, but it seems the Square cash app finally won their approval.
This is huge news for the cryptocurrency market, as buying Bitcoin can be a confusing task for most individuals. Making it easier for people to purchase and use is key to mass adoption of the crypto space. It seems Jack Dorsey knows this and is steps ahead of his competition.
Square Cash App Excels
Announced by CNBC this morning. Square’s Cash app has surpassed Paypal’s Venmo for the first time. According to data composed by the Sensor Tower and Nomura Instinet, the Cash app had a total of 33.5 million downloads in the month of July, compared to Venmo’s 32.9 million.
As a result of this news, Square’s stock rose this morning after the opening bell and its shares are up 726 percent since its IPO back in 2015.
“If the Cash App continues to grow rapidly, the business could reach or even exceed $100 million in sales by 2020, even without deeper active user penetration,” Dolev said in a note to clients Tuesday. “With impressive user growth and ongoing decoupling from Bitcoin, we believe Square’s monetization efforts are increasingly bearing fruit.”
The easier access to Bitcoin, the better it will be for the cryptocurrency industry. It seems both Square and its Cash App will continue to grow and this means positive movement in the crypto space.
Featured Image: Twitter