Square Cash App for Buying Bitcoin and Cryptocurrency Can Lead the Blockchain Asset Movement
Square Became The Most Important And Recognized US Cryptocurrency Company
Square is one of the most important and recognized cryptocurrency companies not only in the United States but all over the world. Founded by Jack Dorsey, Twitter CEO, it is focused on offering a simple product to its customers.
At the beginning, after being founded back in 2009, it offered a dongle that allowed smartphones to become a merchant credit card processing machine. This has allowed its business to grow over time. It moved from individuals, to small businesses and to medium-sized firms.
Later in 2013, Square launched an iPad-based system aimed at coffee shops and small businesses that worked as a payment terminal or full point-of-sale solution. In 2017, the company has also introduced Square Register, combining hardware, and payment technology.
The company has currently 50% of its total payment volume form business customers. At the moment, Square serves over 30% of independent businesses that accept credit cards in the United States. Furthermore, the company does not only offer payment processing solutions. It has also launched other services such as Square Capital and software for invoices, Payroll, and inventory management, among others. And indeed, nowadays, a company can easily run its operations using Square and hardware software.
In addition to it, Square has used consumer-facing services that include food delivery (Caviar) and person-to-person payments with its Cash App. Caviar works with different restaurants and shows them with pictures of the food and the services offered.
Additionally, Cash App is a very simple to use peer-to-peer payment application. It allows people to exchange funds without social feeds or anything similar. Furthermore, the Square loyalty program is linked to a card swipe at a merchant location and related to the consumer’s phone number.
Square has been offering dozens of different products and services. However, all of them are able to seamlessly be integrated one with the other.
There are some experts that believe that Square could eventually challenge some payment companies such as PayPal or even banks. With its powerful network created in the last 9 years, Square was able to generate 95% of its revenue from the United States.
Furthermore, Dorsey is also very bullish on cryptocurrencies and Bitcoin.
Jack Dorsey told The Times back in March 2018:
“The world would ultimately have a single currency. I personally believe it will be bitcoin… probably over then years, but it could go faster.”
In the past, Square has also partnered a process that allows Bitcoin and other virtual currencies to be accepted by merchants. Once the cryptocurrencies are received, merchants are able to cash out in their local currency.
This system would work very fast and without having to wait long periods of time. In general, cryptocurrencies are not used due to the fact that it can sometimes be complicated. In the App Store, Cash App was the most downloaded finance app, even more than PayPal and Venmo. The growth related to this company is also related to the growth in cryptocurrencies and when they added virtual currencies to the app.
There are several companies related to payments and cryptocurrencies such as Coinbase Consumer, Robinhood or BitPay. However, Square has all the necessary tools to push cryptocurrency adoption in the United States forward.