Recent reports indicate that Square’s Cash App has managed to achieve a key milestone on the path to mainstreaming Bitcoin (BTC) usage. The app managed to become the most popular application under the finance category on Google Play Store even ahead of PayPal app. The Bitcoin-friendly cash app, which has spent the bulk of last year gaining a ground in the millennial space, is now the most downloaded finance app in America on Google Play.
It should be recalled they CCN reported that the Cash App displaced Venmo to go into second place just behind PayPal in August this year. The app has maintained a steady growth rate of about 154%. Still, in the same month of August, the company revealed that it had activated Bitcoin (BTC) trading services in its users in the 50 states in America.
Square App’s Growth to Top Spot Was Facilitated by Bitcoin (BTC)
This year has seen Square record an impressive growth percentage, with the company’s revenue and profit numbers pushed largely by the high popularity of Bitcoin (BTC) usage among Cash App users. As of August this year, Square’s CFO Sarah Friar, insisted that the startup is now “seeing real growth” because of the very strong performance of the Cash App since the company activated Bitcoin (BTC) trading services.
As at that time, she revealed that the Cash App was sitting at number 15 on the list and gradually rising through the overall top 30 apps on the Google Play Store.
Bitcoin (BTC) Price Today – BTC / USD
Earlier in August 2018, the company said that it recorded an impressive 100% increase in digital currency profits during Q2 over Q1. This is impressive considering it occurred in a year that has seen a persistent bear market. Nevertheless, Square insists that while virtual currency may play an important role in future products as well as newer versions of already existing products, it isn’t seen as the key monetization driving force. According to Friar, the goal is to improve the overall utility in the Cash App.
Making Way For Seamless Transactions
The CEO of Square and Co-founder of Twitter, Jack Dorsey has stated previously that he foresees a future where BTC is adopted as the major currency of the internet. He feels Square’s growth strategy will enable people to transact seamlessly by removing inefficiencies in the existing payment frameworks, whether it is through BTC or fiat. Although yet to be confirmed, there’s speculation that Square is going to introduce additional Bitcoin-based functionality Like Bitcoin (BTC) payment processing or a digital asset exchange.
Square Has Had a Relatively Good Year
This news comes as a good sign for Square. The startup has enjoyed a relatively good year when compared to the state of many firms with exposure to the digital asset market. In June this year, the company recorded an all-time high market capitalization. This became the case after it became one of a handful of entities to have received a BitLicense from the NY Department of Financial Services.