Square’s Cash App Receives BitLicense for NY State Allowing Users to Trade in Cryptocurrencies

Jack Dorsey, CEO of Square Inc. tweeted that the company has received “BitLicense” for the New York State much to the joy of its shareholder as they saw the shares rally on NYSE early in trade. The Cash app of the company will now allow peer to peer bitcoin transactions in the New York State.

Buy and sell bitcoin right in Cash App…now in New York! https://t.co/sIvlVoSXun

— jack (@jack) June 18, 2018

New York state DFS support to cryptocurrency commendable

As the government and SEC in the United State struggle to provide clear guidelines on cryptocurrencies, New York State Department of Financial Services (DFS) has been on spree in providing virtual currency charters or licenses to companies. Till date, it has provided nine licenses to companies whose application met DFS standards. DFS has also granted licenses to Xapo, Inc., Genesis Global Trading Inc., bitFlyer USA, Coinbase Inc., XRP II and Circle Internet Financial, and charters to Winklevoss twins’ Gemini Trust Company and Paxos (formerly itBit Trust Company).

Financial Services Superintendent Maria T. Vullo was quoted saying while approving Square’s application that “DFS is pleased to approve Square’s application and welcomes them to New York’s expanding and well-regulated virtual currency market,” said Superintendent Vullo.

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“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.”

Also, read: Etoro Targets Institutions with an OTC Crypto Trading Desk

Jack Dorsey’s love for cryptocurrencies

Brian Grassadonia, Head of Cash App, shared his excitement with regards to the license. His statement was in line to Jac Dorsey’s bullish sentiment on Cryptocurrencies. 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.”

Jack Dorsey has always been in support of cryptocurrencies against all his critics. In January the company had added cryptocurrency operations which help the company net $200,000 from its newly-added bitcoin functionality. Dorsey was also quoted saying in favour of bitcoin and he believed that bitcoin may become the world’s ‘single currency’ and a dominant form of payment in a decade’s time. He also has been reported saying the bitcoin has the potential to replace fiat currencies.

Will Jack Dorsey bullishness for cryptocurrencies bring a paradigm shift for cryptos as he was successful in changing the face of microblogging and social networking? Do let us know your views on the same

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Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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