Jack Dorsey’s Square Obtains Ninth BitLicense Ever
From NewsBTC
Payments company Square, a side venture of Twitter CEO Jack Dorsey, is the ninth firm to have obtained a BitLicense by the New York State Department of Financial Services. Bitcoin purchases first became available on its app in other states in January, but revenue has barely covered the costs in Q1 2018.Read more:Square Becomes Ninth Firm to Obtain BitLicense from New York State
Jack Dorsey, co-founder and CEO of Twitter and avid cryptocurrency enthusiast, was able to obtain a license to operate virtual currency activities in the New York State for its other venture, mobile payments firm Square. Not many companies hold a BitLicense. Square became the ninth firm after the first being issued in September 2015 for Boston-based Circle, according to a report from Business Insider.Blockchain remittance network Ripple was the runner-up, being granted a license in July 2016, followed by cryptocurrency exchange Coinbase in January 2017. Later that year, Tokyo-based bitFlyer obtained the fourth BitLicense and Genesis Global Trading was awarded the fifth in May 2018. Recently, the New York State seems to have become fertile ground for the issuance of charters as June 2018 saw Hong Kong-based Xapo being granted the sixth license just days before Square.
More and more big players from the supposed mainstream silicon valley are eyeing crypto and the futures is can bring. Jack has been a major proponent of crypto as of late and has been a huge advocate for sky high prices in the near future. Let's hope he's right.
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