Published
5 years ago on
December 11, 2018
Cash App is a mobile payment service which was developed by Square Inc. In the app, you can transfer money to others and as of February this year, the app was seeing 7 million active users using the payment method. Now, Cash App has reached an important milestone and is one step closer to Bitcoin adoption after it has become the most popular in the finance category on the United States Google Play Store, officially ahead of PayPal. Over the course of his year, the app has been making a lot of noise within the millennial market space which is now the most downloaded finance app on Google Play in the US.
A few months ago, news came out that Cash App overtook Venmo to go into the second place on the ranking behind PayPal. The growth rate is quite significant with over a 150 percent increase. In August, the firm revealed that it would be enabling a Bitcoin buying and selling service for users in all 50 American States.
Throughout this year, there have been some significant growth in profits and revenue for Square which has been mostly down the growing popularity of Bitcoin usage with the users of Cash App. the CEO of Square, Sarah Friar commented on the company back in August saying that the firm is seeing some real growth because of the positive performance of Cash App ever since the company enabled Bitcoin trading services. Friar has also announced that Cash App was at 15th place and rising in the overall top ranking on the Apple App store.
In the same month, the firm announced that it has seen a 100 percent increase in the profits of digital currencies despite the ongoing bear market cryptos are experiencing.
Friar and the co-founder of Twitter, Jack Dorsey has previously stated that he predicts a future where Bitcoin is adopted as the currency that people will use on the internet. According to him, the strategy for Square’s growth enables people to perform transactions with each other in a smooth fashion by plugging inefficiencies in existing payment frameworks. There have been rumours for a while now that Square will be bringing in more Bitcoin-related functionality such as Bitcoin payment processing or even a cryptocurrency exchange.
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