Popular Payment Processor Square Gets BitLicence From New York

The popular payment processor Square has reportedly been awarded a BitLicense from the state of New York, that will permit them to conduct businesses with digital currencies in the jurisdiction of this state. This is a big achievement, considering this is the ninth BitLicense ever awarded by the state and creates a great business opportunity for Square.
Square is a popular payment conglomerate company that offers clients a suite of payment-related products such as POS card reader and e-commerce related services, mostly oriented to businesses and institutions. But even being an already well-established company, the procedures for obtaining the mentioned BitLicense from the state of New York are painful.
The state of New York has characterized itself for taking digital businesses very seriously. And that is why every company that wants to get it must pass a series of tests that include a revision of their identification policies, the procedures that they follow to prevent money laundering, and their cybersecurity policies implemented to avoid hacks or frauds.
This is only the ninth BitLicense ever approved by the state of New York, and that is why so important to Square because it opens up a new market to introduce their services. The other licenses have been approved to other cryptocurrency exchanges and rival payment apps such as the Hong Kong-based Xapo, and banking backed company Circle.
The most important outcome is that now Square clients can exchange cryptocurrencies in the state of new york, a thing that few other companies are able to claim now. This should make Jack Dorsey, their CEO, who also happens to be Twitter co-founder and CEO a very, very happy person; he has declared previously that he expects that bitcoin will be the global digital currency. For this, today, Square is adding its little grain of sand. The whole press release can be read here.

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