Cash App, Square Inc.’s app for cash payments, now allows residents in the New York area to buy and sell Bitcoin [BTC]. Bitcoin and Cash App are no strangers, having been introduced to each other in November 2017, but for New York State, this is new. The New York State Department of Financial Services [DFS] granted the company a virtual currency license on Monday, June 18th.
Speaking on the DFS’s decision, Superintendent Vullo said:
“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.”
Head of Cash App, Brian Grassadonia, said:
“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.”
Square is a company that aims to provide tools that help sellers start, run, and grow their businesses. In November last year, when Square was experimenting with cryptocurrency on Cash App, a spokesperson for Square had said:
“We’re always listening to our customers and we’ve found that they are interested in using the Cash App to buy Bitcoin. We believe cryptocurrency can greatly impact the ability of individuals to participate in the global financial system and we’re excited to learn more here.”
In 2009, Twitter CEO Jack Dorsey had co-founded Square. Its aim is to make point-of-sale payment processing painless, and in pursuit of this has marketed many software and hardware payment products like Square Contactless and Chip Reader, Square Stand, and Square Register.
Dan Dolev, an analyst at Nomura Instinet had told CNBC:
“That was one of the missing pieces in their puzzle. They had approval in most states, but New York was by far the biggest one where you couldn’t trade bitcoin.”