Square Cash now offers BTC buying and selling in all 50 states
Payment company Square Pay has seen record increases in profit since it began offering Bitcoin (BTC) trading last December. In its most recent revenue report, it said that its crypto profit for the second quarter of the year had doubled that of the first quarter, bringing in $37 million over the three-month period. Square Pay, which offers the popular Cash App instant payments platform, is looking to overtake Coinbase as the leading US crypto platform and continues to expand its operations in an effort to reach that goal. It has announced that Cash App users can use the app to buy and sell BTC in all 50 states.
Square made the announcement via Twitter, posting, "Red, white, and bitcoin. Now you can use Cash App to buy bitcoin in all 50 states." If the comments in the thread are any indication, the platform is doing well and is confirmed as available across the country.
Jack Dorsey, CEO of Square, is a strong believer in crypto and, particularly, BTC. He has said that “The internet will have a single currency. I personally believe that it will be [BTC].”
Buying and selling of BTC were introduced to the Cash App late last year. Since then, Square has continued to expand its BTC functionality and recently acquired a BitLicense from the New York Department of Financial Services - one of only a small group of companies to receive the license. That has paved the way for further expansion and the push by the company to make its BTC support available to all states.
As the introduction of BTC trading was just introduced, Coinbase still remains on top. The company has reportedly traded over $150 billion in crypto since it was first introduced in 2012 and, last year, reported revenue of over $1 billion. With these kinds of numbers, Square may have a challenge ahead of it, but it is certainly working hard to give Coinbase a run for its money.