Square’s Cash app, that features payments between friends, recently granted users the use of Bitcoin. The company’s CFO and operations lead Sarah Friar indicated that this move is about Square’s own innovation and not Bitcoin’s validation.
Square recently beat out Venmo as one of the most downloaded financial apps because of its usability. Its shares jumped over 4% when the news broke, as it signals Bitcoin trading for mainstream traders. The app has its limitations, however. Currently, users can not complete transactions in the cryptocurrency.
Credit Suisse analysts also pointed out that Square is well positioned to allow cryptocurrency transactions at the point of sale. According to CNBC, the institutions recently elaborated its comments, adding that Square can add millions in annual revenue by supporting the cryptocurrency.
Credit Suisse estimates that Square can add 10 million bitcoin buyers over two years, which would drive its revenue up by $30 million.
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