Square is testing the cryptocurrency world in order to support bitcoin through the Square Cash payment application. Square, INC is a financial and mobile payment company that provides the market with hardware and software payment products. The information was confirmed by Square Chief Financial Officer Sarah Friar.
Square is Innovating with Bitcoin
Square is not the first company investing in Bitcoin and Blockchain technology. JP Morgan, Amazon, Bank of America and other enterprises are just some examples. It is important for big enterprises to start to invest in Blockchain, cryptocurrencies and the technology involved in this new industry.
“We are exploring how Square can make this experience faster and easier, and have rolled out this feature to a small number of Cash app customers,” told a Square spokesperson to CNBC. “We believe cryptocurrency can greatly impact the ability of individuals to participate in the global financial system and we are excited to learn more here.”
Why to Invest in Bitcoin?
Square, INC follows really near what users do want from it. As they have expressed, it is more important to pay close attention to customers than investing time in reading specialized papers.
“You are talking about it (Bitcoin), it is out there, and so we want to do an experiment and say, ‘OK, is this real? Do customers actually want to be able to do this?” Friar said. “And then what it does internally is it makes everyone who supports that sort of innovation get to work and figure out how do we do this and do this in the right way?”.
During the last months, bitcoin appeared in the media several times and because of different reasons. This situation created an increased interest in the cryptocurrency, that this year passed from $960 to $7900 dollars. Big investors and individuals are starting to put some attention on the virtual currency market and specially in Bitcoin.
Square is moving towards Bitcoin because its users do request it. “I look at digital currency like that. I don’t think we know yet what it is going to be, but I think absolutely, as an innovator, Square has to be there to let a customer do what they want to do,” commented Friar.
Regarding Square, INC, it gained about 198 percent since the beginning of the year and could keep growing. PayPal, a near competitor, had 86 percent gains for the year.
“Ultimately, you have to be out there taking some risk and being able to go where innovation is going. It feels like the early days of the internet of the early days of the shift to the cloud. How many people said, ‘We will never take data outside our data centre, that is not safe’?” told Mr. Friar.
Image courtesy of Pixabay
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