Square has expanded bitcoin support in its Cash App to all 50 US states, the company said in a tweet on Monday. The expansion comes after Square revealed in its earnings report that bitcoin had a profit margin of $420,000 in Q2, after the company spent $36.6 million to gain bitcoin support on the app but only made $37 million back.
The Cash App let users make purchases with bitcoin starting in January, but it didn’t offer support in New York, Georgia, Hawaii, and Wyoming because those states have more restrictions on cryptocurrency transactions. States like Wyoming and Hawaii previously required cryptocurrency companies to hold cash reserves equal to the amount of cryptocurrency funds held for customers, which made it difficult for exchanges like Coinbase to operate. Wyoming removed the requirement in March, and Square quickly expanded bitcoin buying on its Cash App to residents of that state. Meanwhile, New York requires companies to obtain a “BitLicense” to operate within the state, which Square recently procured.
Georgia and Hawaii are the more recent additions announced on Monday. We’ve reached out to Square for comment on how it gained government approvals there.
It’s no surprise that Square maintains a positive outlook for bitcoin despite the fact that prices have dropped since its peak. CEO Jack Dorsey, who’s also the Twitter chief, said in March that bitcoin would be the world’s “single currency” in 10 years. Currently, bitcoin prices flounder around $6,000 compared to when it surged past $10,000 last November.