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Square Cash App | Buying Bitcoin (BTC) Now Available in all 50 US States

Square just announced that with its Square Cash app, all users are now able to buy Bitcoin in all 50 US states.

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.

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Jack Dorsey’s Square Cash App Receives Tough BitLicense Approval – Crypto Currency News

Square, a payment processing tech company owned by Jack Dorsey, just announced that it has obtained a New York BitLicense. Square App is just the seventh company to receive this approval from the New York State Department of Financial Services (NYDFS).

A Twitter user replied to the post with a question about sending and receiving Bitcoin and Cash Support responded to the question by saying:

Square launched the trading of Bitcoin (BTC) on its “Cash App” at the beginning of this year. In the first four months of 2018, the app traded $34.1 million in BTC.

BitLisence is regarded as one of the hardest state virtual currency licenses to obtain and due to this, puts Square far ahead of its rival Venmo.

>> ItBit the First Regulated Crypto Exchange in the U.S

Cash App on the Rise

Since the beginning of 2016, Square Cash app downloads has averaged 128 percent year-over-year growth each month. Venmo only has 74 percent growth, according to Nomura Instinet.

Dan Dolev, Nomura Instinet analyst, told CNBC:

“That was one of the missing pieces in their [Square’s] puzzle. They had approval in most states, but New York was by far the biggest one where you couldn’t trade bitcoin.”

Dolev proceeded by saying that this announcement now gives individuals another excuse to download the app. Shares of Square have gone up 88 percent this year, and spiked yesterday.

Back in December of 2017, Square announced that it had 7 million active users on its Cash app. It would be interesting to see how much the downloads have grown since the beginning of the year, especially after this announcement today.

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