Square Receives NY BitLicense, Cash App Now Offers BTC Trading for New York Users

Financial services provider Square has received a BitLicense from the New York Department of Financial Services, according to a press release published today, June 18.

As a result, Bitcoin trading is now available to New York users of Square's Cash App, according to Cash App's Twitter.

Cash App released a Bitcoin option at the end of January to almost all of its users, originally excluding those in New York, Georgia, and Hawaii.

With Square's Point of Sale network, adding a Bitcoin option means that merchants using Square could potentially accept Bitcoin as a form of payment.

The Cash App support team noted on Twitter that while users can currently send Bitcoin to an external wallet, they can't currently send it to other Cash App users on the platform.

Buy and sell bitcoin right in Cash App...now in New York! https://t.

In mid-May Dorsey said that he remains bullish about cryptocurrency's future, stating that while he is not sure whether it will be Bitcoin, he thinks that crypto will become the Internet's native currency.

Historically, the state of New York has strictly regulated crypto; the implementation of the BitLicense in 2015 drove many large crypto exchanges out of the state.

The recent approval of crypto exchange Gemini's BitLicense, as well as Square's New York crypto expansion, shows New York heading in a more crypto-friendly direction.