Square Drops Plans for U.S. Banking License

[kreslik.news]

Square Inc., a payments company founded and run by Twitter CEO Jack Dorsey, is reportedly withdrawing its application for a bank license. The banking license was part of the firm’s push to grow into a financial institution that could compete with established lenders.

The San Francisco-based company had applied with state regulators in Utah and the U.S. Federal Deposit Insurance Corp in September 2017 for a bank charter so that it could offer deposit accounts. The move immediately sparked immense controversy as it marks the first entrance of a cryptocurrency-friendly firm into traditional banking.

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