Square – the mobile cryptocurrency payment provider – has been riding a tidal wave of momentum lately. Just recently they were discussing the potential for creating 2 million new Bitcoin merchants, with the company also revealing that its profits doubled in the last quarter. This level of growth is almost unprecedented within the crypto sphere, so it shouldn’t surprise anyone that the company is making headlines. If these developments weren’t enough to push Square over the top, the latest news coming out of the company might be. Square users can now use Cash App to buy Bitcoin all across America, with the app now covering all 50 states.
The Bitcoin Revolution Continues
The announcement came through Twitter, with Square now representing a national company in every sense of the word. It’s safe to say that in spite of Bitcoin’s recent downturn, Jack Dorsey – Square CEO – is maintaining his stance that Bitcoin is the future and will experience another record-breaking bull run soon. In a recent interview, he even went as far to say that Bitcoin could potentially become the world’s single currency. “The internet will have a single currency. I personally believe that it will be bitcoin,” he said.
Delivering on its Potential
Square has been showing tremendous potential in recent months. The trigger for its huge 2018 thus far has come through its payments app, which added Bitcoin purchase and sale functionality during the closing months of 2017. Since then, the app has been expanding rapidly. Thankfully, during this time the simple to use UI has been maintained, with this proving to be a hit in the original states the app was made available in. Following the acquisition of a New York Department of Financial Services issued BitLicense, the game changed for Square, as support in New York was yet another push for a full-scale roll out.
Speaking on what BitLicense approval meant for Square and Cash App, Brian Grassadonia (Head of Cash App) said, “We are thrilled to now provide New Yorkers with Cash App’s quick and simple way to buy and sell bitcoin. 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.”
Making the Best of Trying Times
Since the beginning of the year success, has come easy for Square. It’s been reported that the company handled more than $70 million in Bitcoin-related transactions across Q1 and Q2 2018. This was during a period where the price of Bitcoin fluctuated wildly – between $6,000.00 and $19,000 in value – which shows that even during trying times buying and selling activity remains high.
Still Behind Coinbase
The goal for Square is simple – it’s upping its output as a means to compete with Coinbase. Square’s progress has certainly been great, but Coinbase is still the leading app in the United States when it comes to cryptocurrency purchases. If Coinbase’s claims are to be believed, the company has been the platform behind over $150 billion in cryptocurrency trades, generating more than $1 billion in revenue from its 20 million strong user base. It’s worth remembering that Coinbase has been in operation since 2012, so it’s had more than enough time to establish itself in what previously was an uncrowded marketplace.
Square is on the Rise!
Square had 7 million active users at the end of 2017, with that number now likely increased. It’s certainly behind Coinbase in all aspects right now, but recent developments show that Square is doing all that it can to rival the blue-branded crypto giant.
