Jack Dorsey’s Square just got a BitLicense to trade bitcoin

Square has just been approved for a BitLicense allowing the company to enable users in NY to buy and sell the cryptocurrency on their platform.


June 20, 2018

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. 

Daily briefings, straight to your inbox

Business and tech news in 5 minutes or less

Join over 1 million people who read The Hustle

Psst

How'd Bezos build a billion dollar empire?

In 1994, Jeff Bezos discovered a shocking stat: Internet usage grew 2,300% per year.

Data shows where markets are headed.

And that’s why we built Trends — to show you up-and-coming market opportunities about to explode. Interested?

Join us, it's free.

Look, you came to this site because you saw something cool. But here’s the deal. This site is actually a daily email that covers the important news in business, tech, and culture.

So, if you like what you’re reading, give the email a try.