Square’s Cash App. Allows Users To Buy Bitcoin In 50 States, Sees Downloads Outpace Venmo Again (#GotBitcoin)
Square just announced that with its Square Cash app, all users are now able to buy Bitcoin in all 50 US states. Square’s Cash App. Allows Users To Buy Bitcoin In 50 States, Sees Downloads Outpace Venmo Again (#GotBitcoin)
Red, white, and bitcoin. Now you can use Cash App to buy bitcoin in all 50 states. pic.twitter.com/D4fhVRz7WL
— Cash App (@CashApp) August 13, 2018
Square Ahead of the Competition
Square was originally founded by Twitter’s CEO, Jack Dorsey. The Cash App initially rolled out its Bitcoin services months ago but had to go state-by-state to get approval.
Recently, it was reported that Square also secured the so-called ‘BitLicense’ in New York, making it one of only a few cryptocurrency services that are allowed to operate within the state. Georgia, Hawaii, Wyoming, and New York have the strictest crypto regulations, but it seems the Square cash app finally won their approval.
This is huge news for the cryptocurrency market, as buying Bitcoin can be a confusing task for most individuals. Making it easier for people to purchase and use is key to mass adoption of the crypto space. It seems Jack Dorsey knows this and is steps ahead of his competition.
“If the Cash App continues to grow rapidly, the business could reach or even exceed $100 million in sales by 2020, even without deeper active user penetration,” Dolev said in a note to clients Tuesday. “With impressive user growth, we believe Square’s monetization efforts are increasingly bearing fruit.”
The easier access to Bitcoin, the better it will be for the cryptocurrency industry. It seems both Square and its Cash App will continue to grow and this means positive movement in the crypto space.
The number of people downloading Square’s (ticker: SQ) Cash App continued to outpace PayPal’s (PYPL) Venmo downloads in January, Nomura Instinet’s Dan Dolev said Tuesday in a note to clients.
“Cash App monthly downloads remained elevated at [2 million] new downloads a month, up from an average of [1.9 million] in 2018,” Dolev wrote. Overall, the Cash App has 45.3 million cumulative downloads, compared with 41.2 million for Venmo as of January—the all-time highest difference between the two, per Nomura Instinet’s data.
As announced by CNBC, Aug 14, 2018 Square’s Cash app has surpassed Paypal’s Venmo for the first time. According to data composed by the Sensor Tower and Nomura Instinet, the Cash app had a total of 33.5 million downloads in the month of July, compared to Venmo’s 32.9 million.
Square To Acquire Australian Fintech Afterpay In $29B Deal
Square will acquire Australian fintech firm Afterpay in a $29-billion stock deal, expecting to close the transaction in Q1 2022.
Jack Dorsey’s cryptocurrency-friendly digital payments firm Square is expanding competition with global payments giants like PayPal by acquiring a major Australian lending company.
Square announced Sunday that the firm has entered into a scheme implementation deed to acquire all of the issued shares in fintech company Afterpay in a $29-billion deal. The transaction is based on the closing price of the Square common share and is expected to be paid in all stock in the first quarter of 2022.
The acquisition enables Square to further accelerate its strategic plans for payment ecosystems as the company is looking to integrate Afterpay into its Seller and Cash App business units to enable a “buy now, pay later” (BNPL) service.
Also referred to as installment loans, BNPL transactions allow customers to pay a bill in small portions throughout a fixed period of time and are actively pioneered by global financial firms such as PayPal, Mastercard, Klarna, Citi and others.
According to the announcement, the integration will enable small businesses to offer BNPL at checkout, allowing Afterpay consumers to manage their installment payments directly in Cash App and to discover that BNPL offers directly within the app. The integration marks a new milestone for Square in meeting the growing consumer demand for shifting away from traditional credit.
Square co-founder and CEO Dorsey said that the acquisition will help the companies to deliver on their shared mission to make the financial system more accessible, fair and inclusive. “Together, we can better connect our Cash App and Seller ecosystems to deliver even more compelling products and services for merchants and consumers, putting the power back in their hands,” he noted.
As part of the transaction, Afterpay’s co-founders and senior executives will join Square and help lead Afterpay’s related merchant and consumer businesses within Square’s Seller and Cash App ecosystems. Square has also agreed to establish a secondary listing on the Australian Securities Exchange (ASX) to allow Afterpay shareholders to trade Square shares via CHESS depositary interests on the ASX.
The news comes amid Square announcing notable second-quarter earnings, reporting 200% growth in Bitcoin (BTC) revenue. Square’s Bitcoin services generated $55 million in gross profit, increasing 223% year-on-year, while Cash App generated a gross profit of $546 million, surging 94%.
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