Square, a San Francisco-based payment service app is planning to add more Bitcoin services facilitate consumer-to-merchant Bitcoin payments. CEO of Sq. and Twitter, Jack Dorsey revealed this prospect on a personal media called Market Watch and later publicly posted the company’s quarterly efficiency report.
Dorsey affirmed that for them, Bitcoin is not merely stopping at shopping for and promoting. He envisioned that the digital currency is transformational expertise for businesses, and people need to adapt and learn as fast as possible.
Besides, Dorsey also has faith that Bitcoin offers the opportunity for many people to get access to the financial system.
Square had integrated Bitcoin trading platform on its Square Cash app In November 2017, and the outcome is reflected in the quarterly report of the company. The overall company’s net revenue plus the adjusted revenue for the 2017 Q4 suggestively increased compared to the preceding quarter of 2017.
Although the performance of Square’s Cash App has not been reflected in the firm’s top and bottom lines yet, company is still seeing more significant opportunities in Bitcoin monetization. While Square looks for opportunities for growth in the payment space arena, Bitcoin keeps presenting itself as a possible means for creating these opportunities.
It was reported last month that Square had extended its Cash App services to enable more users to buy and sell Bitcoin through mobile phones. Last year, the app was rolled out to select users, but up to now, the number of users have increased and included even more its customers.
Regarding Square’s move, Paul Condra, an analyst at Credit Suisse said that they believe bitcoin, as well as other crypto sales, signify a possible mid or long-term growth opportunity for Square and that they were very optimistic about the strategy.
Condra also noted that the strategy could as well drive even greater adoption of Square Cash and that Square is in a better position to potentially simplify crypto-payment buying and selling at Square merchants at some point in the future.
In the quarterly report, it was noted that clients can now purchase and promote Bitcoin using the Money App.