Square Sees Bitcoin as a ‘Transformational Technology’

Digital payments firm Square views Bitcoin as a “transformational technology,” and analysts predict that the company could one day launch a cryptocurrency exchange. The company made waves last year when it announced that it was launching a Bitcoin trading pilot program through Cash App, the firm’s peer-to-peer transaction platform. A month ago, Square released the feature to virtually all of its US-based users, providing them with one of the most seamless Bitcoin purchasing experiences currently available. Square executives discussed the feature following the release of its first-quarter earnings report Tuesday, stating that while Bitcoin trading is “still not material to our results,” the firm views cryptocurrency as “transformational” and intends to build out more products and services that leverage it. Dorsey has issued similar statements in the past. When Square officially released Bitcoin trading to its Cash App customers, Dorsey said that the firm views Bitcoin as a “long-term path towards greater financial access for all.”

Reference: https://www.ccn.com/square-sees-bitcoin-transformational-technology-launch-cryptocurrency-exchange/

Share this: