Square, a payment processing company owned by Twitter CEO Jack Dorsey, received a Bitcoin Trading License in New York. On June 18, 2018, the company announced the news on Twitter. The license approved by the company to offer Bitcoin trading services in New York with the Cash application.
BitLicense is the business license granted to the virtual currency by the New York State Financial Services Department (NYDFS). Introduced in August 2015, it is considered one of the most difficult state virtual currency licenses to be acquired. Square is the 7th company with this license.
Commenting on progress, Dan Dolev of Nomura Instinet said:
It was one of the missing pieces in their [Square’s] puzzle. Most states had approvals, but New York is the most challenging place where you can get the bitcoin trade approval.
SQUARE’S “CASH” APPLICATION IS GROWING MORE THAN PAYPAL’S VENMO
The Square Cash application, launched in 2015, remains a pioneer in the company’s product catalog. The application is reported to grow faster than PayPal’s Venmo, according to the number of user downloads since 2016. According to Nomura Instinet figures, Square Cash saw a 128 percent increase in downloads since 2016 against Venmo’s 74 percent increase over the same period.
Dolev believes that this latest development can further increase the growth of the implementation. New York is one of the largest financial centers in the United States. Therefore, more users are likely to download the application.
BitLicense approval is another milestone in the rapid growth of Square In. According to Brian Grassadonia;
Now, we’re excited to serve New Yorkers, a quick and simple way for Cash App to buy and sell bitcoins. Square and the New York State DFS share their vision of empowering people with greater access to the financial system, and today’s news is an important step in achieving this goal.