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The banking arm of payment company Square has opened, without mentioning that it will offer cryptocurrency-related services

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Square Financial Services aims to provide commercial loans and deposit products.

Square, Inc. (NYSE: SQUARE) announced today that its industrial bank, Square Financial Services, has begun operations, following the completion of a licensing process with the Federal Deposit Insurance Corporation (FDIC) and the Utah Department of Financial Institutions.

Square Financial Services is a subsidiary of Square, Inc. The primary purpose of Square Capital is to provide commercial loans and deposit products, first by underwriting and originating commercial loans for Square Capital's existing loan products. In the future, Square Financial Services will be the primary financing provider for Square sellers across the United States.

Square Financial Services will continue to sell loans to third-party investors and limit its exposure to balance sheet risk. The Bank is not expected to have a material impact on Square's consolidated balance sheet, total net revenue, gross profit or adjusted EBITDA in 2021.