In news out today, Square revealed that it had received the much sought after, BitLicense, from regulators in the state of New York.
The license lets customers of Square in the state of New York buy and sell bitcoin.
The official news release can be seen here:
Square first reported back in March that it had submitted the paperwork to receive a BitLicense.
Today it was approved by the Department of Financial Services:
"DFS is pleased to approve Square's application and welcomes them to New York's expanding and well-regulated virtual currency market. DFS continues to work in support of a vibrant and competitive virtual currency market that connects and empowers New Yorkers in a global marketplace while ensuring strong state-regulatory oversight is in place."
(Source: https://www.coindesk.com/square-gets-a-bitlicense-new-york-crypto/)
Shares of Square have climbed to their highest levels ever on the news.
Climbing over $66 for the first time ever:
(Source: https://finance.yahoo.com/quote/SQ?p=SQ)
This was a stock that was trading for $9 just 2 years ago.... and they say the crypto markets have been on a big run!
Square's Cash App has been booming.
Square has roughly 7 million monthly active users on its Cash App.
This marks a huge milestone for the company as New York had been one of the few states where customers were not allowed to buy and sell bitcoin using the Cash App.
That hurdle has since been cleared.
Bitcoin is heading higher on the news, a trend that may have some legs to it.
Stay informed my friends.
Follow me: @jrcornel