Digital payments firm Square has received a BitLicense from regulators in the state of New York.
The company that the New York Department of Financial Services granted the license. Square first indicated back in March that it had submitted paperwork to receive a BitLicense, a move by a spokesperson.
“DFS is pleased to approve Square’s application and welcomes them to New York’s expanding and well-regulated virtual currency market. 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,” Superintendent Maria Vullo said in a statement.
Square’s bitcoin-buying option – through its Cash app – last fall, after which the company began providing access to a greater number of users. New York had, until today, remained a major U.S. market in which Square had yet to receive permission to operate.
The company’s move into the crypto space has already proven its worth, recent figures show. In May, Square reported that it had booked a small profit on $34 million in crypto-related revenue through is Cash app.
Cash App image via CoinDesk
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Published at Mon, 18 Jun 2018 15:30:35 +0000
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