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The cryptocurrency market on Monday added $13 billion in the span of one hour after New York’s Department of Financial Services granted Square a digital currency license.
San Francisco-based startup Square, Inc. announced Monday it has been granted approval by New York regulators to launch its cryptocurrency trading platform in the state. The new crypto service will be offered through Square’s Cash app, which has seven million monthly active users, based on the company’s first-quarter earnings call.
The announcement was confirmed by Square in conjunction with an official press release issued by New York’s Department of Financial Services (DFS).
“DFS is pleased to approve Square’s application and welcomes them to New York’s expanding and well-regulated virtual currency market.,” Superintendent Maria Vullo said in a statement. “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.”
Bitcoin buying launched for Cash users last fall; by January, most users had access to crypto trading platform. Square announced in March it would seek a BitLicense to bring bitcoin trading to the nation’s second-most populous state. Cash App has reportedly generated $34 million in profit through its bitcoin trading service.
It seems to be a trend with crpyto trading firms pushing for the approval of the DFS to expand their services and one can only assume that mass adoption isn't as far away as you may think. It's exciting to know that these platforms are reaching millions of people. Although it may only be the core coins like BTC, LTC and ETH for now, the test for survival of the fittest is ongoing and maybe sooner than later we will see some of your favorite altcoins on some of these apps.
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