Digital payments firm Square has received a BitLicense from regulators in the state of New York.
"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," Superintendent Maria Vullo said in a statement.
The company's move into the crypto space has already proven its worth, recent figures show. In May, Square reported that it had booked a small profit on $34 million in crypto-related revenue through is Cash app.
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