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Square Cash App's Bitcoin Service In All US States


Mobile payments firm Square's Cash App has expanded Bitcoin trading to all 50 states in the U.S, the company said in a tweet.

Square is co-founded by Twitter Chief Executive Jack Dorsey.

Cash App, an app for sending and receiving fiat currency, had conducted the test phase of the service to selected users in November last year.

The firm officially enabled instant buying and selling of Bitcoin in late January to its customers in most US states. But, the service was not offered initially in the states of New York, Georgia, Hawaii and Wyoming due to their more restrictive crypto regulations.

In March, the service was expended to Wyoming after the State passed a bill to remove the double reserve requirement for crypto-related companies.

Square recently secured a BitLicense, the license of virtual currency activities, in New York to handle crypto services in the state. Square already holds a money-transmitter license from The New York Department of Financial Services or NYDFS.

The company's bitcoin service made a small margin of around $420 thousand in the second quarter this year.

Dorsey, also the CEO and Chairman of Square, in May had claimed that the internet is set to have a native currency, hopefully bitcoin.

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