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New York’s Department of Financial Services granted Square a virtual currency license, allowing users of the Cash app in the state to trade bitcoin. Cash has 7 million monthly active users, the company said in its first quarter earnings call.

Square Cash

Bitcoin went up suddenly Monday afternoon following news users of the “Cash” mobile payments app could trade the cryptocurrency in New York. The largest cryptocurrency by market capitalization gained more than 4.5% to $6,793, its highest since Tuesday.

Cash is owned by Square and has 7 million monthly active users. On Monday, New York’s Department of Financial Services granted Square a virtual currency license, allowing users of the Cash app in the state to trade bitcoin. Bitcoin trading launched for most Cash users in late January.

Good news, both for Bitcoin and for New Yorkers.

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NOTE: This article is not an investment advice. Any references to historical price movements or levels is informational and based on external analysis and we do not warranty that any such movements or levels are likely to reoccur in the future

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