Square Cash Opens Up to Bitcoin Purchases and Sales

Source: ARK Disrupt Issue 101: November 20th, 2017 https://ark-invest.com/research/ark-disrupt-issue-101 Follow @bhavanaARK on Twitter

SquareSQ is building a financial services ecosystem that empowers and delights its merchants and consumers. Partnered with merchants at every step of the selling process – including payments, invoices, and inventory management – Square is gathering data and gaining differentiated insights into their needs. As a result, it has created successful new products and services like “Square Capital” and “Square Cash”.

Square Cash is the peer-to-peer (P2P) payments service that is competing with PayPal’s Venmo in the US.  It has surpassed Venmo as the top ioS finance app and ranks in the top 50 of all ioS apps, as shown below.

Strong Growth in Square Cash App: Ranking Based on Number of Downloads

Chart from App Annie showing rankings from Jan 2016 to Oct 2017 ranking Square cash based on the number of downloads

Source: App Annie

Now, Square is testing a feature that will allow users to buy and sell bitcoin, proof positive that it is at the forefront of payments technology.  Square is validating bitcoin’s emerging role in the payments ecosystem and could become important to its mainstream adoption over the long term. Square Cash could serve as both a P2P interface and a wallet, separating account balances into crypto deposits and crypto savings.

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2018-01-10T12:23:26-05:00 November 21st, 2017|