Square’s Cash App Now Welcomes Bitcoin Trading for New York Users

The Big News: Bitcoin Comes to New York

On June 18, it was announced that Square has officially secured a BitLicense from the New York Department of Financial Services (NYDFS). This means that New Yorkers can now trade Bitcoin (BTC) directly through the Cash App, a platform many have come to love for its simplicity and ease of use. Get your wallets ready!

A Quick Recap: Let’s Talk About Cash App

Cash App has been on a wild ride since its inception. Initially, it rolled out Bitcoin trading back in January but left out New York, Georgia, and Hawaii users. Now, it seems that New Yorkers are finally getting the chance to hop on the Bitcoin bandwagon. Potentially, this improvement might lead to more merchants accepting Bitcoin, thanks to Square’s impressive Point of Sale (PoS) network.

Current Limitations: Know Before You Cash

While it’s all smiles and sunshine over at Cash App, there are a couple of caveats. Although users can send Bitcoin to an external wallet, the option to send Bitcoin to another Cash App user is not available—at least for now. It’s like having a snazzy new toy that you can’t quite share with your friends.

Jack Dorsey’s View: The Crypto Evangelist Speaks

Jack Dorsey, the CEO of Square and Twitter, is quite thrilled about this update. He took to Twitter to express his excitement. “Buy and sell bitcoin right in Cash App…now in New York!” Dorsey has been vocal about his bullish stance on cryptocurrency’s future, hinting at the possibility of Bitcoin becoming the native currency of the Internet.

Industry Reactions: Partnering with the Future

In the crypto world, partnerships are often the key to success. Barry Silbert, the founder and CEO of the Digital Currency Group, also shared his congratulations to Dorsey on Twitter, revealing a partnership between Genesis and Square. It’s clear that the excitement is palpable among industry leaders!

New York’s Crypto Regulations: A Shifting Landscape

New York has a reputation for being strict with its regulations, especially when it comes to cryptocurrency. The BitLicense implemented in 2015 made quite the splash, forcing numerous exchanges to rethink their strategies. However, with the recent approvals, including Gemini’s BitLicense and Square’s expansion, it seems that the Big Apple is becoming a little more crypto-friendly.

Conclusion: What’s Next for Bitcoin?

As crypto continues to evolve, Square’s recent move hints at a bright future for Bitcoin in the state of New York. Who knows? The next time you grab a slice of pizza, you might just pay for it with Bitcoin!