The price of bitcoin recorded a significant spike on Monday following news that the New York State Department of Financial Services had granted Square Inc. (NYSE: SQ) a virtual currency license. Per Coindesk, the cryptocurrency’s price climbed from a Monday low of $6,404 to a high of $6,729 over the course of about seven hours. Award of this license marks a major milestone for Square, as New York-based users of the company’s Cash App can now buy and sell bitcoin in real-time. This certification further solidifies Square’s position as one of the most high-profile firms currently operating in the cryptocurrency space. “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 Cash App, noted in a statement issued on Monday. “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.”
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