Square’s stock hit an all-time high Monday after the mobile payments company received a cryptocurrency license in New York.
The BitLicense from the New York State Department of Financial Services (DFS) will enable Square customers to buy and sell bitcoin through Cash, an app that lets users transfer money to family and friends. Square, founded by Twitter co-founder Jack Dorsey, has supported bitcoin trading in certain states since January.
“We are thrilled to now provide New Yorkers with Cash App’s quick and simple way to buy and sell bitcoin,” Brian Grassadonia, head of the Cash app, said in a statement. “Square and the New York State DFS share a vision of empowering people with greater access to the financial system, and today’s news is an important step in realizing that goal.”
Shares of Square rallied 2.7% to close at $66.20. The stock is up more than 80% this year.
The DFS has now approved nine companies for cryptocurrency trading in New York, including Coinbase.
Square, which provides credit card processing for businesses, reported stronger gross payment volume in the first quarter. Total revenue exceeded Wall Street’s estimate, but the San Francisco-based company’s earnings forecast fell short of expectations.