New York residents will now be able to purchase cryptocurrency using Cash App from Square Inc. Square is a payments company founded by Jack Dorsey who is also the CEO of Twitter, a social networking platform. The entry into the NY market comes after Square obtained a New York cryptocurrency license famously known as BitLicense which the firm had applied for in March this year.
According to Superintendent Vullo, New York Department of Financial Services (DFS),
“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. DFS has conducted a comprehensive review of Square’s application, including the company’s anti-money laundering, anti-fraud, capitalization, consumer protection, and cybersecurity policies.”
While receiving the license from the DFS, the head of Cash App, Brian Grassadonia, noted,
“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.”
As earlier reported by cryptolinenews, Square, through Cash App, was providing bitcoin trading capabilities in U.S states that it’s services were legal. Georgia, Hawaii, and New York were among the States exempted from the benefits of Square Cash due to their strict regulatory framework,
Square Inc. becomes the ninth company to be awarded the New York cryptocurrency License. The firm joins itBit, Coinbase, and Circle in the list of BitLicensed firms. New York is a major cryptocurrency market in the United States and Square being awarded the License is a major boost in strengthening its cryptocurrency profits.
Do you think Square’s Cash App will see increased adoption among New York’s bitcoin traders now that it has a New York cryptocurrency trading license?
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