Bitcoin-Friendly Square Cash App Stock Price Up 56% In 2019 (#GotBitcoin?)
Cash App, they payments app of San Francisco-based payments company Square, announced a Bitcoin (BTC) giveaway in a tweet published on July 26 as its stock price continues to grow, according to MarketWatch. Bitcoin-Friendly Square Cash App Stock Price Up 56% In 2019 (#GotBitcoin?)
Giving Away Bitcoin
In its tweets, the official Cash App Twitter account announced that it will give away $50,000 in Bitcoin. In subsequent tweets, Cashapp also pointed out that the number of tweets grew first to 12,300, and then to 40,300.
As Cointelegraph reported at the end of June, Square already enabled Bitcoin deposits to all of its Cash App users. Notably, Square’s founder Jack Dorsey — who is also the creator of Twitter — has been putting together a team dedicated to improving crypto infrastructure in general.
Square Is A Growing Company
Furthermore, Square’s (SQ) stock is up about 56% in 2019, having started the year at $57.2 and trading at $81.8 at press time, according to MarketWatch data. Bitcoin, on the other hand, increased its value by about 157% over the same period, according to Coin360.
As Cointelegraph reported earlier today, the Chinese central bank released on its website an infographic illustrating what is Bitcoin, how it works, and why it’s valuable.
Square Doubles Bitcoin Revenue, Generating $125 Million via Cash App in Q2
Payments company Square has generated $125 million in Bitcoin (BTC) revenue in the second quarter of 2019 through its mobile payments service Cash App.
Square released the information in the company’s Q2 2019 shareholder letter on Aug. 1. According to the letter, the company’s Bitcoin revenue benefited in part from the number one cryptocurrency’s price rally over the quarter.
As a result of this price growth, there was also a correspondingly increased volume of Bitcoin, they say. This resulted in a $2 million gross profit for the company.
Cash App obtained $135 million in subscription-, services- and transaction-based revenue. This means that Bitcoin revenue granted the company over 92% of the quantity that Square obtained through subscription, services and transaction revenue alone.
In Square’s Q1 2019 report in May, the company revealed that it achieved a new revenue high from Bitcoin sales via Cash App, with a stated Bitcoin revenue of $65.5 million. This means Square has more than doubled its Bitcoin revenue compared to the preceding quarter.
Square: A Company Bullish On Bitcoin
As previously reported by Cointelegraph, Steve Lee, a project manager at Square’s crypto branch — Square Crypto — heavily emphasized the company’s belief in Bitcoin in an ask me anything session on Twitter. Lee wrote that the company was “very, very pro-Bitcoin.”
Square also recently released a Bitcoin deposits feature on Cash App in late June. This reportedly enables Bitcoin users to deposit their assets from external wallets into Square’s payments application. However, the announcement cautioned that there would be some limitations — a cap of $10,000 in Bitcoin per seven days, and a wait of up to several hours to confirm the deposits via blockchain.
Square’s Cash App Is Testing a Stock Trading Feature
Square’s cryptocurrency-friendly payment app Cash App is reportedly testing a new feature allowing customers to buy and sell stocks.
Expanding Cash App
Citing a source familiar with the matter, Bloomberg reported on Sept. 12 that the San Francisco-based startup’s employees began testing the new feature in recent weeks. Once released, it will allow Cash App users to make free stock trades.
Square has reportedly not yet determined the exact date of the new option launch.
Cash App And Crypto
Square made Bitcoin (BTC) deposits available on Cash App in late June. At the time, deposits were limited to $10,000 worth of Bitcoin in a seven day period, while transfers could take several hours to be confirmed on the blockchain.
In July, Cash App announced a giveaway of $50,000 worth of BTC following the continued growth of its stock price. At the time, Square’s stock was up about 56% in 2019, having started the year at $57.2 and trading at $81.8 at the time, according to MarketWatch data.
Bitcoin, On The Other Hand, Increased Its Value By About 157% Over The Same Period.
Jack Dorsey And Crypto
Also this summer, Square’s founder Jack Dorsey — who is also the creator of social media giant Twitter — was putting together a team dedicated to improving crypto infrastructure in general. Back then, Dorsey commented on the advantages for Square too, saying:
“Just from a business perspective, we don’t look like an Internet company today. An Internet company can launch something and it’s available around the world. Whereas with payments, you have to go to each market and pay attention to regulators. You need a partnership with a local bank. This is a very slow process in any new market.”
Square Crypto Grants $100,000 To Open-Source Crypto Payment Processor
Bitcoin (BTC)-supporting payments service Square Crypto is giving the first of what will be many grants to support open-source Bitcoin projects to BTCPay Foundation.
BTCPay Receives $100,000 Grant
On Sept. 14, Square Crypto, the crypto-focused branch of mobile payment company Square, took to Twitter to announce that it is providing BTCPay Foundation with a grant of $100,000 to support BTCPay Server, an open-source cryptocurrency payment processor.
BTCPay Server can allocate the funds to create anything, “as long as it’s free and open-source software that improves the security, scalability, privacy, user experience, or fungibility of Bitcoin — or all of the above.” The Square Crypto team added:
“BTCPay represents everything we love about open-source bitcoin projects. It exemplifies the ideals of our community and promotes adoption by letting merchants accept bitcoin, control their private keys, and self-validate their coins. It also creates powerful real world applications for bitcoin without sacrificing user experience or requiring trusted third parties.”
Square Crypto went on to explain why they are giving a “bunch of money” to BTCPay Server, a product that appears to be in direct competition with its own services. Square explained:
“Existing payments companies have a choice to make: adapt or be left behind. This isn’t an investment in a competitor, it’s an investment in the future of money — something that Square obviously has a stake in.”
Square And BTC Infrastructure
As Cointelegraph reported at the end of July, project manager at Square Crypto Steve Lee emphasized in a Twitter ask me anything that his team is particularly keen on developing support for the Bitcoin ecosystem. He added:
“We are very, very pro-Bitcoin. There is more than enough work for us to do there. That said, we are open to emerging use cases and technologies that complement Bitcoin.”
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