Square Expands Cash App Bitcoin Service to All 50 US States

Residents in all 50 U.S. states can now use Square's Cash App to buy and sell bitcoin, the company has announced.

AccessTimeIconAug 14, 2018 at 9:30 a.m. UTC
Updated Sep 13, 2021 at 8:16 a.m. UTC

Mobile payments firm Square now lets customers buy and sell bitcoins via its Cash App in all 50 U.S. states.

The company – which was co-founded by Twitter chief executive Jack Dorsey – announced the service expansion through a Tweet on Monday, months after the firm initially rolled out the bitcoin service to investors in the country.

As reported by CoinDesk, 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.

In fact, 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.

In March, though, Square expanded the option to residents in Wyoming after the Cowboy State passed a bill to remove the double reserve requirement for companies dealing with virtual currencies.

As recently reported, Square has also secured a so-called "BitLicense" in New York, making it one of only a handful of crypto services to be allowed to operate in the state.

CoinDesk reached out to Square to ask about any factors that contributed to its changes of policy in Georgia and Hawaii, but did not receive a reply by press time.

The firm previously revealed in its earning reports that its bitcoin service made a small margin of around $420,000 in the second quarter this year – a number that was still double the figure for the initial three months after the service launched.

US map image via Shutterstock

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
Three Arrows Paper Trail Leads to Trading Desk Obscured Via Offshore Entities

As Three Arrows Capital collapsed under market pressure, its much-lesser known trading desk, TPS Capital, remained active, sources say. But a complex ownership structure might frustrate creditors' efforts to collect.

CoinDesk - Unknown
2
CoinDesk - Unknown
June Was Bitcoin’s Worst Month Ever

Plus, European crypto regulation comes into view.

CoinDesk - Unknown
3
CoinDesk - Unknown
What Traders Are Saying About Bitcoin's Biggest Monthly Loss in 11 Years

Poor macroeconomic sentiment, fears of inflation and systemic risks from the crypto market pushed the cryptocurrency below 2017’s highs.

CoinDesk - Unknown
4
CoinDesk - Unknown
Three Arrows Capital Files for Bankruptcy in New York Tied to British Virgin Islands Proceeding

A British Virgin Islands court ordered Three Arrows' BVI branch into liquidation earlier this week.

CoinDesk - Unknown