In another piece of highly welcome news, payment company Square on Monday received a nod of approval from the New York State Department of Financial Services to trade cryptocurrency via its popular Cash app.

The Inside Scoop

The Department of Financial Services has now granted Square with a virtual currency license that gives them access to an expanding, well-regulated virtual currency market. Square is owned and operated by Twitter CEO Jack Dorsey, who also holds a money-transmitter license.

As per latest statistics, the app has secured a good section of the American crypto trading market and is growing at a rate faster than that of its close rival Venmo.

Also worth mentioning is the fact that shares for Square have surged 88 percent this year and with this latest announcement, the price of a single share has touched an impressive $65. Not only that, the company also boasts of a nearly 7 million active customers on its money-transfer app.

Lastly, Square has also filed for an FDIC license which if granted, will allow the company to effectively perform some of the same services as banks, including issuing loans without having to rely on a bank to originate them and without having to get licenses in each state.

Final Take

With this latest announcement, Square has now become the ninth firm that has been approved for cryptocurrency trading in New York— with some of the other names being Coinbase and Circle.

If things continue to remain as such, the financial climate could get way more interesting for the American crypto market from here on out.

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