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Square Obtains New York State Cryptocurrency License (reuters.com)

Posted by BeauHD on from the buy-and-sell dept.

The payment company Square has obtained a license to offer New York state residents the ability to buy and sell bitcoin through its Cash App, the company announced on Monday. "This makes Square the ninth firm to have obtained a so-called 'BitLicense' by the New York State Department of Financial Services," reports Reuters. From the report: To grant the license, the financial watchdog conducted a comprehensive review of Square's app, including its anti-money laundering, anti-fraud and cybersecurity policies, NYDFS said in statement. Square also holds a money-transmitter license from NYDFS. The San Francisco-based company, best known for selling a device that enables small businesses to accept credit card payments easily, first enabled bitcoin purchases on its app in other states in January.

7 of 18 comments (clear)

  1. Square encryption? by jfdavis668 · · Score: 1

    Is the decryption routine called "Square Root"?

  2. Why Bitcoin? by mentil · · Score: 2

    Why use Bitcoin and not something like Ripple or Ethereum that has 1% or less of Bitcoin's transaction fees? The obvious answer is name recognition, people know what Bitcoin is. However, they could advertise Bitcoin, and then try to steer the actual users towards superior cryptocurrencies once they actually try to use Bitcoin.

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    Corruption is convincing someone that the selfless ideal is the same as their selfish ideal.
    1. Re:Why Bitcoin? by Joce640k · · Score: 1

      ... 1% or less of Bitcoin's transaction fees?

      The New York State Department doesn't care what your transaction fees are.

      The only people who use Bitcoin are money launderers and drug dealers so they won't care either.

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      No sig today...
    2. Re:Why Bitcoin? by Immerman · · Score: 1

      > fake currencies
      +1 redundant. ALL currencies are fake representations of real value.

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      --- Most topics have many sides worth arguing, allow me to take one opposite you.
    3. Re:Why Bitcoin? by DontBeAMoran · · Score: 1

      try to steer the actual users towards superior cryptocurrencies

      Such as Dogecoin!

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      #DeleteFacebook
    4. Re:Why Bitcoin? by DontBeAMoran · · Score: 1

      The only people who use Bitcoin are money launderers and drug dealers so they won't care either.

      I hate drug dealers, but without money launderers we'd have really dirty money after only a few weeks.

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      #DeleteFacebook
    5. Re:Why Bitcoin? by ArylAkamov · · Score: 1

      Well, ripple is a centralized bank coin that goes against the general idea of crypto.
      Eth is a good choice since Bitcoin is too much of a pain in the ass to deal with.