Square Has Just Obtained a License to Offer Bitcoin to New York Residents

Square had big news this week.

The payments company announced that it has become the ninth firm to successfully obtain a “BitLicense.”

The BitLicense was granted by the New York State Department of Financial Services and will allow the company to offer residents of New York the ability to buy and sell bitcoin through its Cash App.

CEO Jack Dorsey had said last month that he hoped bitcoin will be the internet’s “native currency” and admitted that he is a “huge fan.”

“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.

Disclaimer: We have no position in Square Inc. (NYSE: SQ) and have not been compensated for this article.