Twitter co-founder, Square CEO, and recent publisher of the children’s book, My First Bitcoin and the Legend of Satoshi Nakamoto (not a joke), Jack Dorsey, has the green light to start making Bitcoin the Internet’s native currency.
On Monday, his “point-of-sale” company, Square, received approval for a BitLicense from the New York Department of Financial Services, clearing the company to let NY customers buy and sell Bitcoin through its Cash app.
Some things you should know about Square
Founded in 2009, the company best known for its square, card-swiping phone dongle continues to broaden its offerings.
In April it bought online store builder Weebly, and launched its Cash App in the UK the same month.
The company’s market cap sits at $26.35B, reaching a record high after its payment app was approved for bitcoin trading, and more than doubling in the past year.
Though, some worry that Square’s stock may be ‘overheated’
As Quartz reports, Bitcoin has proved itself to be a corporate magnet for new customers and investors, but it’s hard to say whether those parties will stick around as crypto’s volatility continues to put a damper on coin-mania.
In the meantime, the competition continues to heat up as Square faces off against its rival PayPal, which recently bought Square’s European counterpart iZettle.
Also, it is worth noting that Square has yet to turn a profit (a struggle Dorsey is all too familiar with from his Twitter days) with their losses widening to $24m, from $15m a year earlier.