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 licence, enabling local customers to buy, sell and trade bitcoin.
The Cash App allows users to send and receive payments. Square holds bitcoin on behalf of users and doesn’t add fees to bitcoin transactions. Buy and sell prices are calculated by analysing major exchanges valuations.
Customers are limited to $10,000 in bitcoin buys per week, although there is no amount limit 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 customised price alerts.
You can learn all about different exchanges, understand exactly how to buy and sell cryptocurrencies, calculate your taxes, discover digital wallets to hold assets and explore a list of all the alternative coins on the market.