Jack Dorsey’s Square approved for BitLicense

Startup Square has just been approved for a BitLicense in New York.

Twitter founder Jack Dorsey‘s digital payments firm announced they have been rubberstamped by NY State regulators today.

The company was granted the high-coveted BitLicense by the New York Department of Financial Services.

Square first hinted in March that it had processed the application for a BitLicense, with a spokesperson later confirming the move.

Superintendent Maria Vullo released a statement about the approval, saying:

“DFS is pleased to approve Square’s application and welcomes them to New York’s expanding and well-regulated virtual currency market.

“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.”

Square’s bitcoin-buying option – through its Cash app – first debuted last fall, after which the company began steadily providing access to a greater number of users.

New York had, until today, remained a major U.S. market in which Square had yet to receive permission to operate.

The company’s move into the crypto space has already proven its worth, recent figures show.

In May, Square reported that it had booked a small profit on $34 million in crypto-related revenue through is Cash app.