Digital payments firm Square has received a BitLicense from regulators in the state of New York.
The company announced Monday that the New York Department of Financial Services granted the license. Square first indicated back in March that it had submitted paperwork to receive a BitLicense, a move later confirmed by a spokesperson.
“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,” Superintendent Maria Vullo said in a statement.
Square’s bitcoin-buying option – through its Cash app – first debuted last fall, after which the company began steadily providing access to a greater number of users. New York had, until today, remained a major U.S. market in which Square had yet to receive permission to operate.
The company’s move into the crypto space has already proven its worth, recent figures show. In May, Square reported that it had booked a small profit on $34 million in crypto-related revenue through is Cash app.
Cash App image via CoinDesk