Square Now Allows Bitcoin Transactions in All 50 U.S. States

bitcoin cryptocurrency square

Mobile payments firm Square now allows bitcoin to be bought and sold in all 50 U.S. states, following the latest expansion of its Cash App payments service.

The development, which was announced by co-founder Jack Dorsey, comes just months after the company initially rolled out bitcoin services to investors, marking a significant expansion in its reach.

Square first launched the option to buy bitcoin through its Cash App back in January, after concluding a testing phase that ran from late 2017. However, the rollout had been incomplete, as a result of varying regulations covering bitcoin transactions in a number of states.

The initial run saw New York, Wyoming, Georgia and Hawaii omitted from the service, coinciding with similar moves from leading wallet and exchange service Coinbase to roll back on its operations in Hawaii.

Specifically, regulations in Hawaii require exchanges to maintain cash reserves equal to the total invested through each exchange, known as its “double reserve requirement.”

In March, policy changes in Wyoming removed their double reserve requirement, paving the way for Square to open there, while the firm subsequently secured a BitLicense to operate in New York, becoming one of just a handful of operators to have successfully secured the license to date.

The news will now enable Square to position itself as the mobile payments service of choice for those engaging in bitcoin transactions nationwide. The company hasn’t commented on the motivations for policy changes in Hawaii and Georgia, but the decision to expand into these states marks the completion of their national rollout.

It comes in the wake of news that the firm’s bitcoin service realized profits of $420,000 in the second quarter, up more than double the results from the previous quarter. While still modest, the growth rate will be cause for celebration, with the Square bitcoin service now positioned to attract consumers nationwide for the first time.

Square was founded by Twitter founder and CEO Jack Dorsey in 2009, and first launched in 2010. The firm secured revenues of $2.2 billion in 2017. Its move into cryptocurrency transactions is expected to help merchants worldwide accept payments through bitcoin and other cryptocurrencies in the near future.