Using Square to Trade Bitcoin
Square has a Cash App that allows users to send cash payments. Recently, the platform has only been allowed to operate in a select few of states, making it a very limited project.
However, the platform received some welcome news this week from New York’s State Department of Financial Services. The Department granted the platform the a “bitlicense” that gives New Yorkers the ability to use the application for the purpose of buying and selling bitcoin. This is the ninth platform to receive a bitlicense from the state of New York.
According to Brian Grassadonia, who is the head of Cash App, responded to the recent developments by stating
“We are thrilled to not provide New Yorkers with Cash App’s quick and simple way to buy and sell bitcoin. Square and the New York State DFS share a vision of empowering people with greater access to the financial system and today’s news is an important step in realizing that goal.”
As it stands, Square’s Cash App is the platform’s latest release and it helps facilitate point-of-sale payment processing. The new development allows the platform to promote its growth process. According to Nomura Instinet analyst Dan Dolev, one of the missing pieces of the platform’s puzzle was approval from more states – Cash App had “approval in most states, but New York was by far the biggest one where you couldn’t trade bitcoin.”
Twitter CEO Jack Dorsey also announced that Bitcoin could be bought and sold with Cash App. As Cash App grows, the commentary concerning its use is expected to do so as well. The good news is that the platform is working to help individuals along the way.
The platform has a website that explains Bitcoin to those who are still in the early stages of understanding what it is and how it works. To date, Cash App has achieved recognition is one of the top financial applications in the Apple App store and it is used as a trading and investing application as well.
Those who are interested in learning more about Square and its Cash App may want to visit the platform’s website and check out the app on their mobile device.
Further, for Bitcoin beginners, it may be useful to check out the video no the platform’s website as well. The video is entitled “My First Bitcoin and the Legend of Satoshi Nakamoto.”