San Francisco-based financial services company Square, Inc. achieved a significant feat when its Cash App overtook Paypal and became the most downloaded app in the finance category on the U.S. Google Play Store.
This year has seen Square’s Cash App gain an overwhelming response with a growth rate of almost 154 percent. Earlier in August, Cash App had toppled Venmo to win the second spot in the rankings behind PayPal.
The main reason behind the tremendous success of Cash App can be attributed to the rising popularity of Bitcoin, despite the crypto market crash. Back in August, Sarah Friar, Chief Financial Officer at Square, had asserted that the company was witnessing ‘real growth’ following the introduction of bitcoin trading services on its peer-to-peer payments app.
While Bitcoin and other cryptocurrencies faced a bear market during the second quarter of 2018, digital payments firm Square recorded a 100 percent increase in BTC profit over Q1. As per a CCN report, Square brought in $34 million in bitcoin revenue during Q1, netting a profit of approximately $200,000.
Square CEO Jack Dorsey had earlier commented that he believes Bitcoin is a ‘transformational technology’ that could become the world’s leading currency within a decade or even earlier. “The world ultimately will have a single currency, and the internet will have a single currency. I personally believe that it will be bitcoin,” Dorsey said.
According to Dorsey, Square strives to ensure seamless transactions by amending the prevalent inadequacies of existing payment platforms. Square, is reportedly also looking to introduce more bitcoin-related services like bitcoin payment processing or a cryptocurrency exchange.
So far, the current year seems to have been quite fruitful for Square. In another of it feats this year, it had earned a BitLicense from the New York Department of Financial Services in June. This achievement saw Square experience an all-time high market capitalization.