Big News for Bitcoin in New York
In a recent announcement on June 18, Square, the financial services provider, has been granted a coveted BitLicense by the New York Department of Financial Services (NYDFS). This pivotal move means that Bitcoin (BTC) trading is now available for New York users on Square’s Cash App—a real win for the crypto community in the Big Apple!
Cash App’s Journey to Bitcoin Trading
Cash App initially rolled out a Bitcoin trading option at the end of January, but left a sour note for users in New York, Georgia, and Hawaii by excluding them from the fun. Now, however, thanks to the newly acquired BitLicense, residents of New York can finally dive into the world of Bitcoin trading. Talk about a second chance!
Potential Ripple Effects for Merchants
With Square’s Point of Sale (PoS) network integrating Bitcoin options, merchants within the Square ecosystem could soon be accepting Bitcoin as payment. Imagine the possibilities—a cupcake shop that lets you pay for your black and white cookie with Bitcoin. Sweet!
What’s Currently Possible on Cash App
The Cash App support team took to Twitter to clarify a few things regarding Bitcoin transactions on their platform. While users can currently send Bitcoin to external wallets, they are unable to send it to other Cash App users just yet. In other words, no instant Bitcoin pizza parties at the moment!
Ceo’s Bullish Take on the Future of Cryptocurrency
Jack Dorsey, CEO of both Square and Twitter, shared the excitement on Twitter, saying:
“Buy and sell bitcoin right in Cash App…now in New York!”
Dorsey has long been a champion of cryptocurrency, proclaiming his belief that one day crypto could become the Internet’s native currency.
Partnerships and New Beginnings
Barry Silbert, the founder and CEO of the Digital Currency Group, is also celebrating the occasion by announcing a new partnership between Genesis and Square through a congratulatory tweet. He stated,
“Finally get to publicly disclose the partnership that Genesis built over the past year with @Square. It’s been fantastic to collaborate with @jack and his team.”
New York’s Crypto-Friendly Shift
Historically, New York’s strict regulations on cryptocurrency, particularly after the introduction of the BitLicense in 2015, have driven many exchanges away. However, the recent approval of Gemini’s BitLicense, along with Square’s expansion into the New York crypto scene, hints at a more welcoming environment for crypto enthusiasts.
Conclusion: A Bright Future Ahead
As we navigate the complexities of cryptocurrency regulations, it’s heartening to see significant players like Square pushing through barriers. With the cemented presence of Bitcoin trading on Cash App, New York is slowly morphing into a more crypto-friendly landscape.
+ There are no comments
Add yours