Cash App has allowed Bitcoin trading to users in select states since last year, but Square is just the ninth firm to be approved for a bitlicense by the restrictive New York DFS.
“We are thrilled to now provide New Yorkers with Cash App’s quick and simple way to buy and sell bitcoin,” said Brian Grassadonia, Head of Cash App. “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.”
Cash App is the latest release from Square, which specializes in point-of-sale payment processing. The company, #1784 on Forbes’ Global 2000 list of the World’s Largest Companies, was founded by
“That was one of the missing pieces in their puzzle,” Nomura Instinet analyst Dan Dolev told CNBC. “They had approval in most states, but New York was by far the biggest one where you couldn’t trade bitcoin.”
Dorsey has been a proponent of Bitcoin in the past and announced in a January tweet that Bitcoin could be bought and sold using Cash App. “Instant buying (and selling, if you don’t want to hodl) of Bitcoin is now available to most Cash App customers. We support Bitcoin because we see it as a long-term path towards greater financial access for all. This is a small step.”
Square even has a fanciful, child-like website dedicated to explaining Bitcoin to beginners called “My First Bitcoin And The Legend Of Satoshi Nakamoto.” Satoshi Nakamoto is credited as the founder of Bitcoin, yet it is unknown if Nakamoto is a real person, an alias or a group of developers.
Disclosure: Investing in Bitcoin is speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment. The author owns Bitcoin.