- Users could now purchase bitcoins in Square Cash App automatically.
- Now users will be able to use debit cards in the app.
- Square Crypto has been investing in bitcoin and related services heavily, which has brought them tremendous revenue.
Square Cash App officially announced that users can now make automatic bitcoin purchase on set intervals.
— jack (@jack) May 18, 2020
In a tweet on May 19th the founder and CEO of Square Inc. Jack Dorsey released the announcement. Users could now purchase bitcoins in Square Cash App automatically. This can be done by selecting a frequency of either daily, weekly, or every 2 weeks in the app. The tweet further specified that users will also be able to change the display to Sats(Satoshis).
Square Cash App Launch
Square has grown to become one of the largest payment processing companies in the United States since it went public in 2015. To make money by offering applications for purchase to business. Charging individuals transactional fees to access additional services is also incorporated.
Although there are many rivals such as Venmo in the industry for Square Cash App, the release was beneficial for Square. It reported a billion-dollar bump in revenue between 2017 and 2018. This is from $2.2 billion in 2017 to $3.3 billion in 2018. Square Cash App went so far as to surpass Venmo in 2018 with 33.5 million downloads. As of December 2019, it had 24 million active customers. The app is stipulated to grow 60% every year.
Square Cash App allowed peer to peer (P2P) payment services for individuals who used their smartphones for payment of bills or money transfer. But since then, it has expanded its reach to include the purchase of bitcoins through the platform.
Expanding reach to deposit
Previously users could buy, sell, or transfer bitcoins via Square Cash App on both iOS and Android phones. These features introduced to Square Cash App in November 2017. In previous months there was a lot of speculation on how the deposit option will work since it wasn’t available to everyone. But now users will be able to use debit cards in the app.
Prior to the release of this announcement, on June 18th Podcaster Marty Bent tweeted a screenshot showing he was able to accept a deposit in the app. This suggested that the selected audience feature was up and running and full launch could be expected soon. Square had launched and announced that bitcoins deposits to third party wallets were coming soon on their support page and users could in the meantime transfer profits gained by selling bitcoins to any bank account or debit card associated with Square App.
Furthermore, the company has been investing in bitcoin and related services heavily, which has brought them tremendous revenue. In the first quarter of 2019, they brought in 65.5 million in revenue by market cap, although the profit was at $832,000. They have also been investing in the development of tools assisting Bitcoin blockchain. The unit named Square Crypto and recently hired former Google Director Steve Lee.
The CEO of the company is strongly pro-crypto and has often voiced his opinion of cryptocurrency turning into a globally accepted currency and the future of money.
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