Trade Bitcoin Using Square's Cash App for New Yorkers

Cash App, Square's SQ +2.77% app for sending cash payments, currently permits new york residents to shop for and sell Bitcoin when the new york State Department of monetary Services granted the company a "bitlicense" on Monday.

Cash App has allowed Bitcoin trading to users in choose states since last year, however square is simply the ninth firm to be approved for a bitlicense by the restrictive new york DFS.

“We are excited to currently offer New Yorkers with cash App’s fast and simple way to get and sell bitcoin,” said Brian Grassadonia, Head of cash App. “Square and the new york State DFS share a vision of empowering folks with larger access to the economic system and today’s news is a vital step in realizing that goal.”


Cash App is the latest unleash from square, which specializes in point-of-sale payment processing. the company, #1784 on Forbes' world 2000 list of the World's Largest companies, was founded by Twitter TWTR +2.89% CEO Jack Dorsey in 2009.

"That was one of the missing items in their puzzle," Nomura Instinet analyst Dan Dolev told CNBC. "They had approval in most states, however new york was by far the largest one where you could not trade bitcoin."

Dorsey has been a exponent of Bitcoin within the past and declared during a January tweet that Bitcoin could be bought and sold  using cash App. "Instant shopping for (and selling, if you don’t wish to hodl) of Bitcoin is currently offered to most cash App customers. we support Bitcoin because we see it as a long-run path towards larger financial access for all. this can be a small step."

Square even has a fanciful, child-like web site dedicated to explaining Bitcoin to beginners referred to as "My first Bitcoin and the Legend Of Satoshi Nakamoto." Satoshi Nakamoto is credited as the founder of Bitcoin, yet it is unknown if Nakamoto is a real person, an alias or a group of developers.

Cash App has leaped ahead of rivals Venmo and PayPal and is currently the #1 Finance app within the App Store. Coinbase , one amongst the eight different companies approved in new york for a bitlicense and one amongst my "7 Best investing Apps For 2018", currently has some exaggerated competition for new Yorker's Bitcoin trades.

Disclosure: investing in Bitcoin is speculative and the market is basically unregulated. Anyone considering it should be ready to lose their entire investment. The author owns Bitcoin.

Karl kaufman is the founder of american dream investing, a financial membership service. If you wish to induce text alerts each time we build a trade, register for a trial membership.