Investing.com - High-flying mobile payments company Square (NYSE:SQ) has received approval from New York regulators for its customers to trade bitcoin on its popular Cash app.Square started allowing customers to buy and sell the cryptocurrency on the app in January.Cryptocurrency trading on Cash is now legal in all U.S. states except Hawaii and Georgia. New York, however, was seen as a key market. Square says it generated $34 million in bitcoin-related revenue in the first quarter, but admitted its profit on the operation was tiny. Square's co-founder and CEO Jack Dorsey is a big supporter of cryptocurrencies, and has said Square is looking at using bitcoin in other company services.Dorsey also thinks bitcoin will become the single currency of the Internet within the next 10 years. Square's stock has almost tripled in the last year.