In another great bit of news for the cryptocurrency industry, payments app Square has added Bitcoin into its network. The $16 billion-valued company has officially integrated Bitcoin into its mobile platform which means millions of its users can now buy, sell and store the cryptocurrency easily.
Action by Square in response to public demand
It would seem from comments by the company that this move to officially integrate Bitcoin into its cash app is a direct result of customer feedback. With more people wanting fast and efficient ways to buy Bitcoin, Square have reacted to this need and offered their users a solution. The company have expressed that they are excited by the potential of cryptocurrencies like Bitcoin and how they can help people participate more fully in the overall financial sector.
Square reaps the Bitcoin effect
Since the announcement of the above news, the share price and market cap of Square shot up by around 10%. As has been seen in other companies who have associated themselves with Bitcoin, the market reacted positively to the news that the payment app company were forging links in the cryptocurrency world. With Bitcoin still enjoying a fine 2017, Square will no doubt hope this knock-on effect continues.
Will Bitcoin be fully integrated across all Square’s platforms?
At present, Bitcoin has been introduced only into the mobile platform Square offer. Many believe that the $1 billion increase in share price this brought about together with CEO Jack Dorsey’s apparent love for cryptocurrency will soon see it adopted across all the platforms Square offer.
Of course, the most interesting development would be if Square were to introduce Bitcoin into its Point of Sale network in the future. If so, this could soon see us all being able to pay with Bitcoin in participating cafes, bars and restaurants! Such a move as this would see the mainstream march of Bitcoin and all cryptocurrencies take a massive step forward.