Service for mobile payments the Cash App from Square, the company has included support for trade bitcoin (BTC) across America. Square has officially stated on Twitter on August 13.
According to the ad, the app users in the U.S. can now easily buy and sell bitcoin using a familiar tool. For some users Cash App namely, three million, a function of trade-bitcoin has been available since November last year.
In January 2018 to exchange and store the digital currency could almost all users of the application with the exception of residents of the States of new York, Georgia, Wyoming and Hawaii. The company could not implement crypto operations in these States without official approval, but in June the Department of financial services new York (DFS) gave the Square the required license Regulations.
CEO Jack Dorsey (Jack Dorsey), known as the Creator of Twitter, has admitted that Square suffered some losses in the course of trade integration of bitcoin into the app. However, according to him, for the company these costs are insignificant. Moreover, the payment company reported gross revenues from activities of the cryptocurrency, after it was licensed in new York. If in the first quarter of the current year profit was $34 million, for the second quarter this figure rose to $70 million.
In March, Dorsey shared his opinion that bitcoin will become a single world currency and, accordingly, the main means of payment in the Internet. According to the businessman, the transition process may take about 10 years, but could happen faster.
“Bitcoin is slow and costly. But more and more people acquire it, and someday these problems will be solved. This will help new technologies that rely on the blockchain, and make it more accessible,” said Dorsey.
Optimistic views Director Square showed before. So, in December of last year, Dorsey told reporters that the industry in which his company, bitcoin is a transformative technology.