Square plans to open its own bank in 2021

by in Cryptocurrency News

Jack Dorsey

Square payment corporation got qualified permission from the US FDIC to open a bank for manufacturing lending. That was announced by the company's CEO Jack Dorsey.

A bank called Square Financial Services is scheduled to start in Utah in 2021. He has already received permission from the Department of Financial Institutions.

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Its activities will be aimed at providing loans and deposit commodities for small businesses.

Nevertheless, the organization doesn't plan to provide any services related to crypto.

Recall, Square's Cash App provides the ability to purchase and trade BTCs to residents of 50 US states.