While Cryptocurrencies and Digital Currencies had a difficult year, some Crypto-friendly apps certainly did not. A lot of Apps that integrated Digital Currencies in their business model experienced substantial growth in 2018 and Cash App is one of them. The Cash App by Square has recently became the most popular app in the United States’ Google Play Store surpassing even PayPal.
2018 has been a wild ride for Cash App. The app’s popularity has risen tremendously among the millennial user base and became the most downloaded Finance app on Google Play. Back in August, the app’s popularity reached what many believed to be its full potential when it overtook Venmo and came second behind PayPal. This was accompanied by the stunning growth rate of 154%. Cash App took this rise of popularity as an opportunity and enabled Bitcoin Buy and Sell transactions for all United States customers.
Cash App wants to make Bitcoin an official currency
The huge amount of growth and profit for Cash App are attributed to many factors. One of the biggest however, is the Bitcoin usage amount with young Cash App users. Just after the announcement about Bitcoin, Square’s CFO Sarah Friar, stated that the company is experiencing even stronger growth thanks to the recently enabled Bitcoin services. At that time, Cash App was ranked 15 in the overall top 30 Financial app rankings of the App Store.
The company also managed to record massive earnings in Crypto, something that wasn’t common for 2018. In Q1 and Q2, Cash App saw a massive 100% increase in Crypto profits despite the harsh market conditions. It’s the company’s strong belief, that Cryptocurrencies will play a strong role in upcoming products, but cryptocurrencies are not their key monetization engine. Friar says that at the moment, the biggest goal is to improve Cash App’s utility.
Jack Dorsey is a Twitter co-founder and Square’s CEO. He has stated multiple times that his visions for the future, include mass Bitcoin adoption to the point where it’s regarded as the internet’s official currency. There is also current speculation that Square will introduce many new Bitcoin-related functions like Bitcoin payment processing and Crypto exchange.
Unlike most organizations tied to the crypto markets, Square has enjoyed a remarkably good year. Back in June, the company achieved an all-time high market capitalization. This occurred after becoming one of the very few entities to win a BitLicence from the New York Department of Financial Services. Who knows, a official currency in digital form might just be the normal in 20 years.
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