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Trade bitcoin via Cash App in all 50 US states

Posted: 14 August 2018 1:40 pm

Hawaii, Georgia, Wyoming and New York have recently lifted restrictions, paving the way for national trading.

Mobile payments company Square has announced that customers in every part of the US can now buy and sell the world’s most popular cryptocurrency, bitcoin, through the firm’s leading mobile application Cash App.

Cash App revealed the development via a post on social media network Twitter on Monday.

Square enabled bitcoin trading through its Cash App in late January 2018. However, at the time, residents of New York, Georgia, Hawaii and Wyoming were restricted due to prohibitive and strict trading regulations.

Earlier this year, Wyoming passed a bill to end the double reserve requirement for digital currency companies.

In June, after a thorough review process, the New York State Department of Financial Services (DFS) approved Square’s Cash App for a virtual currency license, enabling local customers to buy, sell and trade bitcoin.

The Cash App allows users to send and receive payments. Square holds bitcoins on behalf of users and doesn’t add fees to bitcoin transactions. Buy and sell prices are calculated by analyzing major exchanges valuations.

Customers are limited to $10,000 in bitcoin buys per week, although there’s no amount limits imposed for what can be sold. Additionally, users are not able to send their cryptocurrency directly to other Cash App users.

Merchants are pushing Square to take the next step and make bitcoin a payment option for goods and services.

In the past, Square has claimed that “unlike other apps, most of [its] buys and sells happen in seconds”.

Another US-based trading app popular with millennials, Robinhood, introduced commission-free cryptocurrency trading in January this year. Customers can also trade stocks, exchange-traded funds (ETFs) and options. The app also offers real-time market information, tracking the values of 16 different digital coins and providing current market news and updates, as well as the ability to create customized price alerts.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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