Bitcoin (BTC) will be the “single currency” internet will have, believes Square CEO
Cash App, a mobile payment service developed by Square, Inc., announced that its users can now “use Cash App to buy Bitcoin in all 50 states” in the USA. Square included Bitcoin (BTC) transactions in its payments app in late 2017. The company expanded the functionality of BTC since then and was available in few of the states in the country. The turn in events occurred in the month of June of the current year, when the company received BitLicense, a business license of virtual currency activities, issued by the New York State Department of Financial Services (NYSDFS).
The mobile payment service that allows users to transfer money to one another using a mobile phone app, made the announcement on Twitter, stating: “Red, white, and bitcoin. Now you can use Cash App to buy bitcoin in all 50 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
When the CEO of Square, Jack Dorsey, said: “The internet will have a single currency. I personally believe that it will be Bitcoin,” it can be comprehended how much the company gives importance to the leading cryptocurrency.
With the Bitcoin being available in all fifty states, not only the transaction volume will rise, but might also supposedly help Square’s Cash App to rival with Coinbase, the largest cryptocurrency exchange (according to Coin Market Cap). Coinbase and competitor Abra offer support for multiple cryptocurrencies, an area where Square has yet to venture.
Excited about the latest milestone, Brian Grassadonia, Head of Cash App, said: “We are thrilled to now provide New Yorkers with Cash App’s quick and simple way to buy and sell bitcoin. Square and the New York State DFS share a vision of empowering people with greater access to the financial system and today’s news is an important step in realizing that goal.”
Image via Shutterstock
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