Bitcoin, Crypto currency, Blockchain

Square receives Bitlicense, and requests a banking license

Square was just the ninth Bitlicense-owner. The company now offers the trading of Bitcoin in the majority of U.S. States. Furthermore, the company is planning for the future, and banks is currently seeking to obtain a license.

Square Bitlicense

Square is a company that focuses on Point-of-Sale-Hardware – and money-transfer services and the innovative capabilities that allow vendors to accept contactless payments, and credit cards.

Beginning in 2017, the Square-subsidiary Cash App entered into a partnership with Genesis Global Trading, in order to allow on their platform, buying and selling Bitcoin. It was approved in the majority of States, New York lacked, however. A country-wide regulation is required by many.

Genesis Global Trading is one of the first OTC Cryptocurrency trading platforms, working with institutional investors. It was founded in 2004 and joined the company in 2013 as one of the few NYDFS-regulated trading partner in the industry.

CASH APP

The App is a direct competitor to Venmo, since the beginning of 2016, the Downloads for Square’s Cash App has grown an average of 128 percent per year, compared to Venmos 74 percent. Circle offers both of these companies are now many similar services.

Cash, the App has 7 million active users. Many of these customers are using the Cash App, more like a Bank account, said CEO Jack Dorsey in may.

Bank license

Jack Dorsey said that they plan to sit in on the Trend””. Square applied for a FDIC-licence for an industrial loan company in Utah, told the American Banker in September.

The new Bank will offer loans to small businesses and deposits, much like it does Square Capital already in collaboration with the Celtic bench. The license means that Square will be able to extend credit without having a Bank partner to leave. Square says it has more than $ awarded $ 1.8 billion to over 140,000 companies, with an average loan amount of $ 6,000.

Square the third financial technology company, which has decided in the last few months for a banking license. The other two are Online lender Social Finance Inc. and Mobile Banking Startup Varo Money Inc.

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