Cash App extends bitcoin service to all 50 US states

August 14, 2018
Chris Wheal

Cash App is to extend crypto services to Georgia and Hawaii after overcoming the final regulatory hurdles to enable users to buy and sell bitcoin across all 50 US states.

Cash App, which is owned by payments firm Square, enables users to transfer funds to one another using their smartphone.

Expansion

Square added bitcoin functionality to Cash App at the end of 2017, though the service was not initially available across all US states, with regulatory approvals still needed for New York, Georgia, Hawaii and Wyoming.

Approvals for New York and Wyoming were subsequently received during recent months.

In a tweet on Monday, Cash App indicated the remaining regulatory hurdles had been overcome to extend the bitcoin service in Georgia and Hawaii.

“Red, white, and bitcoin. Now you can use Cash App to buy bitcoin in all 50 states,” said Cash App.

Cash App bitcoin

Cash App had over 7 million active users as at the end of 2017

Growth potential

Square generated over £400,000 in bitcoin-related trading fees during the first half of 2018, on the back of bitcoin transactions worth $70m.

There is, however, scope for significant growth in crypto trading through the app, considering it had over 7 million active users as at the end of 2017 for its peer-to-peer US dollar remittance service.

While Cash App looks set to increasingly compete with Coinbase in the bitcoin stakes, the latter is still by far the leading US venue for consumer crypto purchases.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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