Square Inc. is a is a financial services, merchant services aggregator, and mobile payment company based in San Francisco, California. Their The Square Cash app partnered with the Genesis Global Trading in early 2017 to enable trading using Bitcoin.
Bitcoin prices have increased due to the fact that the state of New York approved a BitLicense for the Square’s Cash App that can now be used for Crypto Trading. The Square Cash App has approximately 7 Million monthly active users, as reported by Square Inc. in their First Quarter Earnings and Reports. Bitcoin was reportedly trading at $6693 as of 3:56 PM ET and went up to $6793 after this news broke out. Making the approximate gain percentage to a 4.5%. The same pattern was seen in Square Cash Stock as well.
Square has been supporting Bitcoin as a form of payment since the start of this year and as announced on 18th of June 2018 that they have been granted the BitLicense- The license which is granted by New York Department of Financial Services now enables the Cash app users to trade using Bitcoin. The New York Department of Financial Services has granted a total of 7 BitLicense since the year 2015, one of which was given to the company known as Gemini Trust Company, which is owned by the Winklevoss Twins. According to what the company Square has reported, their venture in the Crypto space seems to be going well for them, as they reported a profit of $200,000 from Bitcoin within the first quarter. Getting a BitLicense has obviously led to a tremendous increase in Square Cash Stock. The Square Cash Stock was already soaring high due to volatile prices of Bitcoin, and the New York Department of Financial Services granting them a Bitlicense, Square Cash Stock is now even stronger.
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Square Cash Stock of Square Inc. has gone up by 1.5% after Monday’s session and the company is expecting it to hit a new high real soon, as now they have received a Bitlicense to trade Bitcoin within their app in New York. The spokesperson of the company made a statement saying that the users of the Square Cash app could not buy or sell bitcoins via the app before Monday, but they can buy or sell bitcoins in 48 out of the 50 states in the United States of America. The App Users from Georgia and Hawaii are still prohibited from trading Bitcoin on the app as both these states do not currently allow it. The Square Cash Stock too has gone up by a whopping 178% over the past year.