Square Inc. acquires New York’s Bitlicense to provide crypto services

Square Inc. a payment processor and financial service provider has been granted the Bitlicense from the New York Department of financial Services (DFS). The firm’s cash app is now allowed by New York’s law to operate and go for the crypto solutions in New York State.

The company was founded in 2010 by Twitter’s CEO Jack Dorsey and Jim Mckelvey. It is based in bay area of San Francisco. The company was a strong Bitcoin supporter from its early days. They have already announced certain Bitcoin friendly measures to boost the use of the crypto among their clientele. The company has added an in-app BTC buy/sell option for some selected customers during last November.

The company upped its support by February when it decided to offer Bitcoin (BTC) services to all its users. The move has boosted the company’s profits. Since then the company has derived almost eight billion USD from its cryptocurrency in-app services. This is when compared to Square’s overall valuation.

The company is well placed to profit further form the official Bitlicense approval form the DFS. The DFS superintendent Maria T. Vullo announced 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.”

The Square has joined the list of eight crypto exchanges who already have the permission from the DFS. These are Circle, Coinbase, Bitfyer, Xapo, Gemini, XRPII, Genesis Global Trading Inc. and Paxos. The DFS officials made sure to go through vetting involving anti- money laundering provisions, KYC and cyber security policies of Square Inc.

Brian Grassadonia of the Square Inc. was delighted by the announcement. He said, “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.”