Square CEO Regards Bitcoin As “Transformational Technology”: Square, a digital payment firm, sees Bitcoin as a transformational technology. And, according to analysts, Square could effectively unveil a cryptocurrency platform.
Square made news in 2017 when the company said it would release Cash App, a Bitcoin trading pilot program and peer-to-peer transaction platform. CashApp was released last month to its U.S.-based customers, offering them a better Bitcoin buying experience.
Firm officials talked about the feature after it released its first-quarter earnings report, saying Bitcoin trading is still not important to the company’s results. Jack Dorsey, CEO of Square, calls the cryptocurrency a “transformational technology,” and will develop more products and services to use it.
Dorsey said Bitcoin would not stop and sell but is a “transformational technology” for the industry, which makes it important for them to learn rapidly. He’s made similar remarks before.
When the firm released Bitcoin training to Cash App customers, he said the firm saw the cryptocurrency as a path to better financial access for everybody.
Square May Unveil Cryptocurrency Platform
The market wouldn’t be at all surprised if the firm opted to expand its product line. According to the MarketWatch report, Square is working to come up with a Bitcoin-accepted app. It anticipates Square, which has the majority of its revenue on payment processing services, to release an app that ensures merchants will accept Bitcoin or add it to present point-of-sale products.
Jeff Cantwell is a Guggenheim analyst, and predicts Square could alter the Cash App to be a “Coinbase-like exchange.”
If the firm did release a total cryptocurrency exchange, it could automatically compete with Coinbase – a U.S.-dominant cryptocurrency brokerage firm Square’s Cash App has seven million users, which is about half of Coinbase’s registered users.