The company Square announced on Monday the firm has been granted the Bitlicense from the New York Department of Financial Services (DFS). The firm and its 'Cash App' are now legally allowed to operate and utilize cryptocurrency solutions in the state of New York.
Square Has Obtained the New York Bitlicense
The Square Cash App was offered to most U.S. states this past February and now the company can operate in the state of New York. Users can purchase and sell Bitcoin Core (BTC) from within the app.
Square, Inc. is a payment processor and financial services provider that was launched in 2010. The San Francisco based company was founded by Jack Dorsey (also the CEO of Twitter) and Jim McKelvey back in 2010 and the firm has been staunch bitcoin supporters for quite some time. Back in November 2017, the company announced it was implementing in-app BTC buy/sell options for certain select customers. A few months later in February of 2018 Square rolled out the BTC service for all users. Since then the revenue derived from the cryptocurrency in-app services has added around $8Bn USD to Square's overall valuation according to data collected last May. Now this week, Square has been granted the official Bitlicense money-transmitter approval from the DFS.
"DFS is pleased to approve Square's application and welcomes them to New York's expanding and well-regulated virtual currency market," explained the Financial Services Superintendent Maria T. Vullo during the announcement on Monday.
DFS continues to work in support of a vibrant and competitive virtual currency market that connects and empowers New Yorkers in a global marketplace while ensuring strong state-regulatory oversight is in place.