In news out today, Square revealed that it had received the much sought after, BitLicense, from regulators in the state of New York.
The license lets customers of Square in the state of New York buy and sell bitcoin.
The official news release can be seen here:
Square first reported back in March that it had submitted the paperwork to receive a BitLicense.
Today it was approved by the Department of Financial Services:
"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."
(Source: https://www.coindesk.com/square-gets-a-bitlicense-new-york-crypto/)
Shares of Square have climbed to their highest levels ever on the news.
Climbing over $66 for the first time ever:
(Source: https://finance.yahoo.com/quote/SQ?p=SQ)
This was a stock that was trading for $9 just 2 years ago.... and they say the crypto markets have been on a big run!
Square's Cash App has been booming.
Square has roughly 7 million monthly active users on its Cash App.
This marks a huge milestone for the company as New York had been one of the few states where customers were not allowed to buy and sell bitcoin using the Cash App.
That hurdle has since been cleared.
Bitcoin is heading higher on the news, a trend that may have some legs to it.
Stay informed my friends.
Follow me: @jrcornel
Let’s Square up Steem! 💰🤑💰
Square is cool these days!
My cousin sent me link I need to sign up thanks for reminder fam!
Cool. It will be interesting to see how they will implement their bitcoin transfers. Hot wallet? Cold storage? etc.
Some wallets, like Freewallet, have you send them the coins and then they keep them in cold storage for you (no personal possession of the keys).
It looks like the Cash app holds fiat balances for customers so they will probably hold BTC in storage for customers.
Yes, hopefully they have learned from all these other exchanges that have been hacked...
Can we keep the good news to ourselves a little longer so I can purchase more at this price level?
Haha sorry about that. The good news seems to get overshadowed by the bad, so I tend to want to get it out as fast as possible!
Can we keep the good news to ourselves a little longer so I can purchase more at this price level?
What are the fees associated with converting bank account money into bitcoin via Square?
Has anyone calculated this using real money and series of transactions/tranfers?
I have not yet, but I am also interested in the answer.
Sorry if I'm not clear. Does this mean the Square APP for credit and debit cards can accept BTC and get paid in BTC?
I have a square debit card. Im hoping we can deposit soon because I have not used the card and wont use it until withdrawal and deposits are accepted.