According to Reuters, San Francisco-based payments processor Square Inc applied to the Federal Deposit Insurance Corporation (hereinafter referred to as FDIC) to become an “industrial loan company.”
![](https://i0.wp.com/paypay.me/"wp-content/uploads"/2018/07/Apple-payment-square.jpg?resize=750%2C486)
If the application is approved, Square can be transformed from a non-traditional financial company into a financial platform that can receive government-guaranteed deposits.
On July 5th Square announced it would withdraw the application, and has not yet offered a time frame for a second one.
However, Square’s previous bank license application to the Utah Financial Regulatory Authority remains in effect.
Earlier this year, Square announced the launch of a dedicated app for buying and selling bitcoin, though New York state isn’t part of the service.
Just a few weeks before the cancellation of the FDIC application, Square just received a virtual currency license from the New York State Financial Services Office.