Almost two months ago, the New York Department of financial services announced the approval of Square’s application for virtual currency license i.e. Bitlicense. Since then, Cash app has been supporting customers in selected states for the sale and purchase of bitcoin and several other cryptocurrencies. However, yesterday the company tweeted that the cash app is now available for use in all the 50 states of America.
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
Square Inc. was slow to integrate the exchange of Bitcoin for all its users. It only started in the last quarter of 2017. However, due to bitcoin’s popularity among the crypto enthusiasts and investors, the company has action collecting the license from the NYDFS (New York Department of Financial services). Brian Grassadonia, head of Cash App also lay emphasis on how this was only one of the first steps to incorporate the prominent cryptocurrency bitcoin. He 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.
The CEO of Square Inc., Jack Dorsey also stated how important the cryptocurrency Bitcoin is and it will have a major role to play in the future. Dorsey said,
The internet will have a single currency. I personally believe that it will be bitcoin.
Square Inc. has profited greatly by the addition of the usability of peer-to-peer payment in the last quarter of 2017; the profit was estimated to be $200,000 in the first quarter of 2018, which increased rapidly to a whopping $420,000 in the second quarter. However, the officials at Square Inc. have made it very clear that they do not intend to benefit monetarily from the trade of Bitcoin. Their platform is to solely provide the utility of these tokens. The CFO Sarah Friar told,
It’s not a major monetization engine; the goal is to continue to drive utility in the Cash App. We have some spread in there to allow for the fact that bitcoin is volatile. We’re not trying to push on the monetization of bitcoin today.
With popularity of cryptocurrencies increasing with each passing day, the need for the mediums allowing and supporting its exchange for everyday use in also increasing. The Cash App is available to use for all, free of cost. It can be downloaded from the Apple or the Google play Store. The App provides you wish a VISA card that can be used for transferring crypto or fiat currencies. The Cash App also introduced a new feature called Cash Boost which allows its users to get discounts every time they make a purchase at a specific place they selected.
Jack Dorsey told in a conference earlier this year that they would be promoting the means of exchange of Bitcoin and several other cryptocurrencies. He has been an avid supporter of the groundbreaking technology and the features it offers. He mentioned at the conference,
Bitcoin, for us, is not stopping at buying and selling, we do believe that this is a transformational technology for our industry, and we want to learn as quickly as possible.
With the announcement of its availability in all fifty states of America, Cash App now stands among its competitors including the leading consumer applications for cryptocurrency exchanges, who have relatively larger number of users. Where Cash App had 7 million monthly active users reported, Coinbase had a massive 20 million registered users from whom a revenue of $1 billion was generated.
To conclude, Cash app offers a simple yet a great solution to all those people who want a hassle free exchange of cryptocurrencies. With the introduction of Cash app over all 50 states, the likelihood of cryptocurrencies being adopted extensively over the masses has to increase.
FAQs
Cash App (formerly Square Cash) is a mobile payment service available in the United States and the United Kingdom that allows users to transfer money to one another using a mobile phone app.
Why is my Cash App account closed for violation of terms of service? ›
Your Cash App account closed due to violation if you engage in activities that raise red flags, like sending or receiving money related to scams and fraudulent schemes. Cash App's Acceptable Use Policy outlines precisely what users are allowed and not permitted to do.
Does Cash App work everywhere? ›
Use it everywhere
Your card works anywhere Visa® is accepted, including ATMs. Plus, you can add it to a digital wallet on your phone or watch.
What country is Cash App not available in? ›
No, Cash App does not work internationally. This is because it is primarily design to facilitate money transactions within the United States of America and the United Kingdom.
What bank owns Cash App? ›
Cash App is fully owned by Block, which launched the payment app, originally Square Cash, as its own competitor to peer-to-peer payment apps like Venmo and PayPal.
Who owns Cash App now? ›
Oakland, California-based Block owns Cash App along with point-of-sale software Square and buy now, pay later service Afterpay. Block is seeking to make the app the primary bank for Cash App's users, many of whom are younger and lower-income.
Why do people use Cash App instead of Venmo? ›
Cash App's Key Features
In addition, Cash App offers a free tax filing service. Thus, the most significant difference between Cash App and Venmo is that Cash App provides advanced opportunities for businesses, allowing them to accept payments, track sales, and issue invoices.
Can you send $5000 through Cash App? ›
Yes, sending $5,000 through a Cash App is feasible, but it hinges on your account's verification status +1(808)800–5134. For unverified accounts, Cash App typically imposes a sending limit of $250 within a 7-day period and a receiving limit of $1,000 within a 30-day period.
How much money can you send on Cash App in one day? ›
Verified users can send up to $7,500 per week with no receiving limit. What is the Maximum Daily Transfer Limit on Cash App? For unverified users, the maximum amount you can send is capped at $250 per transaction within a 7-day period, and the maximum you can receive is up to $1,000 per 30 days.
Can someone without Cash App send me money to my? ›
You need an account to send money to another person's Cash App account, but the reverse is not true. You can send money to a person who doesn't have an account from the app if you have their email address or phone number.
A violation of Cash App's terms of service is one of the main reasons why accounts are closed. This includes fraudulent transactions, money laundering, or using the app for illegal ends.
Why is Cash App blocking? ›
We lock accounts because we prioritize your safety and want to be proactive in preventing fraudulent activity.
Is Cash App under investigation? ›
Federal prosecutors are examining financial transactions at Block, owner of Cash App and Square. Internal documents indicate Block processed crypto transactions for terrorist groups and Square processed transactions involving nations subject to economic sanctions.
Is Cash App safe to us? ›
Cash App uses cutting-edge encryption and fraud detection technology to make sure your data and money is secure. Any information you submit is encrypted and sent to our servers securely, regardless of whether you're using a public or private Wi-Fi connection or data service (3G, 4G, or EDGE).
Can you only use Cash App in the US? ›
Note: Other Cash App features are unavailable outside the US or UK. This includes sending a P2P payment, adding funds, and cashing out.
How much does Cash App charge to send money? ›
Does Cash App charge a fee to send or receive money? It's always free to receive money to your personal Cash App account. It's also free to send money from your Cash App balance or your linked debit card. Cash App charges a 3% fee to send money from a linked credit card.
