Square Cash App Gets Bitcoin Trading License in New York

Square, a payment processing company owned by Twitter CEO Jack Dorsey, has obtained a New York BitLicense. The firm announced the news on Twitter on June 18, 2018. The license grants approval for the company to offer Bitcoin trading services in New York via its Cash app.

‘The Missing Piece of the Puzzle’

BitLicense is the colloquial term given to the business license issued by the New York State Department of Financial Services (NYDFS) to virtual currency firms. Introduced in August 2015, it is regarded as one of the hardest state virtual currency licenses to obtain. Square is only the seventh company to receive the approval.

Commenting on the development, Dan Dolev of Nomura Instinet said:

That was one of the missing pieces in their [Square’s] puzzle. They had approval in most states, but New York was by far the biggest one where you couldn’t trade bitcoin.

Square launched Bitcoin trading on its Cash app at the start of the year. The company traded $34.1 million in bitcoin within the first four months of 2018.

Square’s Cash App is Growing Faster than PayPal’s Venmo

The BitLicense approval is yet another milestone in Square’s rapid growth – one that has the company thrilled. According to the Cash app chief, Brian Grassadonia:

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.

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