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Square Jumps After Receiving License to Let New York Customers Buy and Sell Bitcoin

  • State lets New York users of Square Cash buy and sell Bitcoin
  • Company sees cryptocurrency market as an area for growth
Square Inc. Devices As Mobile Payments Market Set To Grow
Photographer: David Paul Morris/Bloomberg

Square Inc. shares climbed to their highest price ever after New York granted the company a virtual-currency license, letting customers in the state buy and sell Bitcoin.

Chief Executive Officer Jack Dorsey said earlier this year that the company would introduce Bitcoin trading to almost all users of Square Cash, which allows people to transfer money to friends and family. Bitcoin trading has helped fuel growth for the app, which had more than 7 million monthly active customers in December. The New York State Department of Financial Services said Monday it had approved a virtual currency license for the company.