Jack Dorsey, CEO of Twitter and Square, has found another victory for his companies as Square’s proposal for a Bitlicense in New York has been approved. While Square’s Cash App had approval in most other states to trade Bitcoin, New York regulators delayed the licensing process.
The New York State Department of Financial Services granted Square a virtual currency license, which gives the company access to an expanding and well-regulated virtual currency market.
— Cash App (@CashApp) June 18, 2018
The app was launched back in 2015 and is said to be growing at a faster rate than other online payment processors like Paypal and Venmo. Since early 2016, downloads on Square Cash app downloads averaged 128 percent year-over-year growth each month.
Square is also looking to get more into banking services in the near future. They have filed for an FDIC license to be an industrial loan company last year which would allow them to issue loans with out having to rely on banks to originate them and eliminating the need to get licenses to operate in every state.