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...
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