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
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.
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