Dorsey was quoted as saying:
“The internet will have a single currency. I personally believe that it will be bitcoin.”
Cash App is an application that allows users to trade Bitcoin by conducting transactions on its peer to peer network. Cash App was officially launched in January 2018 while repeated testing phases were conducted in 2017. Post the launch in January, the application was not available in New York, Georgia, Hawaii and Wyoming due to their stringent cryptocurrency policies.
Reports show that even Coinbase, a leading cryptocurrency exchange platform also suspended their services in Hawaii after the state imposed sanctions that were not compatible with the platform.
After the Cash App launched in New York, Biran Grassadonia, the Head of the application stated:
“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.”
Reports show that the Cash App has garnered quite the fan following with the latest release pertaining to the launch of the application across the country, only enabling the company to improve its foothold.
Ragnar Lithrasisr, a Twitter user stated:
“Thank you for being the real Bitcoin Cash. Your focus on bitcoin exclusively, and making it easy to acquire, is why I recommend @CashApp to friends. Especially over @coinbase .”
Reports show that Cash App’s parent company, Square has raised over $70 million in operations in the first two quarters of 2018, with the aim to compete with Coinbase, which is still the largest digital currency exchange in the United States.