Square became the 9th firm to receive a coveted crypto license in New York
$66.33
Square’s stock had already been up 88% this year. But on Monday, after news broke that the payments firm received New York’s much craved (and maligned) cryptocurrency license, Square’s stock reached $66.33, the highest since it went public in 2015.
Published | Photo by Reuters/Benoit Tessier/Illustration/File Photo
The company had already been providing crypto trading through its Cash app in other US states, and sold $34.1 million worth of bitcoin in the first quarter. But now, it can enter New York’s huge market.
Critics of New York’s cryptocurrency license say it’s too hard and expensive to get. Only nine firms, including Coinbase, Xapo, BitFlyer, and Circle, have received the license in the three years it’s existed.
