Bitcoin-Friendly Square Reaches All-Time High Market Cap After Receiving Bitlicense

 

The multi million dollar payment provider, Square, search 3% overnight after the company obtained a BitLicense from the New York Department Of Financial Services. This license is required to operate cryptocurrency platforms.

BitLicense is Difficult to Obtain

New York currently has the strictest policies and regulations for cryptocurrency exchanges. In 2015, when cryptocurrency exchanges had substantially lower digital asset then today, BitStamp revealed that simply applying for a BitLicense can cost upwards of $100,000.

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BitStamp later emphasized that obtaining the BitLicense allowed their exchange to work smarter as far as understanding regional regulations. They also noted that the $100,000 fee was well worth the value.

The BitLicense fee has increased significantly since 2015 due to the exponential increase within the cryptocurrency exchange marketplace. Square decided that obtaining this license was well worth it in order to serve the New York investors and improve the company’s image as a premier cryptocurrency platform.

Cryptocurrency Market Reacts Positively

Once the announcement was released, square stock price increased by 3% and the market valuation by more than $1 billion. Over the last month stock prices of Square have increased from $54 a share to $66 a share. This is over a 22.5% increase.

Market valuation of Square hits all-time high, chart from Google Finance

The market valuation of Square has an all-time high at 26.5 billion. It currently surpasses competitors like Stripe and Shopify. Shopify’s current market valuation as of June stands at 18.2 billion.

In March, financial analyst Jim Cramer, who host CNBC’s mad money, stated that the Bitcoin related selloff of Square was an opportunity to purchase more stock in the company. The financial analyst also made a controversial statement regarding Squares core business which he stated is much more valuable than their cryptocurrency venture.

However, the market has shown a ton of optimism regarding Squares belief and forward thinking vision to remain at the forefront of this rapidly growing industry.

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