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Twitter CEO's Square App Obtains NY State BitLicense, Stocks Surge

Jun 19, 2018, 7:09AM
1 min, 36 sec READ

Square saw its stock prices rise after announcing it had obtained a BitLicense to provide Bitcoin buying/selling services through its Cash app

Square Inc. saw its stock prices rise by roughly 1.5% this Monday for a total of 178% over the past 12 months. This is following an announcement that the company had obtained a New York State license to provide Bitcoin buying and selling services through its Cash app in 48 US states, with the exception of Hawaii and Georgia. Square is a payment company founded in 2009 by Twitter’s CEO Jack Dorsey.

The license was approved by the New York State Department of Financial Services (NYSDFS) after a thorough revision of Square’s anti-money laundering, anti-fraud, consumer protection, capitalization, and cybersecurity policies. Regarding this license approval, Maria T. Vullo, the Financial Services Superintendent of the NYSDFS, said in a press release,

[Our institution] is pleased to approve Square’s application and welcomes them to New York’s expanding and well-regulated virtual currency market [...] The 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.

In response to the license approval, Brian Grassadonia, the man in charge of Square’s Cash app said about the NYSDFS decision,

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.

Thanks to this decision, Square is now part of select group companies that have managed to obtain the coveted NYSDFS' BitLicense alongside other crypto household names like Xapo, Inc., bitFlyer USA, Coinbase Inc., Genesis Global Trading Inc., XRP II, Circle Internet Financial, Paxos, and the Gemini Trust Company.

Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.