Square Shares Soar After Winning BTC License from DFS
Square’s market value reached a new high on Monday after the payment processing corporation obtained their crypto license from the NY DFS.
The BitLicense can allow for Square consumers to purchase and sell off their Bitcoin through a subsidiary app, dubbed Cash. The app also allows for users to send and receive money from people they know.
Square, which was founded by Twitter’s co-creator Jack Dorsey, allowed for BTC trading in various US states since the beginning of the year.
The Cash app’s chairman stated that the company is excited to give NY a new, quick and efficient way to trade BTC. He added that their mother company Square, alongside the State of New York, shares the same hopes- of allowing people to have greater control of and access to the financial sector.
Square’s shares rallied 2.7% and closed at just over $66. Stocks traded up by 80% just this year. This makes the company the 9th to earn their crypto trading license in NY, alongside digital currency giants such as Coinbase.
Square, a mobile card processing app for various types of businesses, stated that they had achieved significantly higher payment volumes in the 1st quarter. Their total revenue surpassed expectations on Wall Street, however their earnings estimates fell slightly short.