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In the space of a decade since its launch in 2009, Square, Twitter CEO Fintech 's company, Jack Dorsey, has turned into a giant digital payments worth a quarter. $ 29 billion and in a must-have platform allowing users to send and receive money and to buy Bitcoin.
On February 3, Dorsey revealed that Square Cash (also known as the Cash App), one of the most widely used mobile payment applications on the US market, had become the second most popular free mobile application on the market. Apple's App Store.
How did Square grow so quickly?
Like any fast-growing company, it targeted a niche market where merchants did not have access to point-of-sale terminals or credit card payments.
Previously, non-registered merchants were prohibited from accepting credit card payments and it was difficult for small businesses to have access to financial services.
After successfully starting as a merchant-based payment processor, the company expanded its business to peer-to-peer mobile payments by releasing Square Cash.
Although some badysts claim that Square Cash's integration into Bitcoins has been overplayed by the media, it has played a vital role in attracting users of the new generation and the millennium.
In November 2017, when Square Cash had initially allowed users to buy Bitcoin on the mobile app, the company was worth $ 16 billion.
After 13 months, even after the US market correction at the end of 2018, the company is valued at $ 29 billion, or $ 13 billion more than in 2017.
Square Cash's central business model is based on its mobile payment app that allows users to send and receive payments instantly at a low cost.
However, the company's integration of Bitcoin has enhanced the platform's image as an innovative and forward-looking mobile application.
Earlier this week, on Joe Rogan's podcast, Jack Dorsey, CEO of Square and Square, said that even though he did not know if bitcoin would definitely become the currency of the internet, he thought it could be bitcoin given its performance so far.
Dorsey said:
"I think the Internet will have a local currency and I do not know if it's Bitcoin, I think it will be [Bitcoin] given all the tests she has undergone and the principles that underlie it, how it was created. It was something that was born on the Internet, was developed on the Internet, was tested on the Internet, [and] it's the Internet. "
In previous interviews, Jack Dorsey said that bitcoin could potentially become the single currency of the world in ten years, expressing its optimism about its long-term growth.
Can Bitcoin-Friendly Square maintain its growth rate?
Go@CashAppThe largest shopping center pic.twitter.com/f342bQXpHc
– jack (@jack) February 2, 2019
Wall Street badysts predict a strong performance of Square in the coming years, focused on innovation.
Its newest product, the Square Card, a MasterCard for merchants, has been termed "genius" because it allows merchants to withdraw or use funds as soon as they arrive via the app.
Upon receiving the new product, Peter Christiansen, an badyst at Citigroup, told Barron that the new products would continue to help the company grow and grow rapidly.
"[New products]such as debit card for businesses and down payments, as well as the continued growth of applications / payment cards and the overall expansion of the ecosystem help mitigate the anticipated deceleration in the middle of 2019, "said Christiansen.
Source: Squareup.com
On Jan. 3, the digital payments giant hired Amrita Ahuja as the company's new chief financial officer, a former CFO of Blizzard Entertainment, to help the company build and grow its business.
"Amrita brings the ability to take into account and balance opportunities across our business. It will help strengthen our discipline as we invest, build and evolve, "Dorsey said at the time.
As the company strengthens its dominance in the merchant and mobile payments sector, badysts expect the company to continue to grow in several areas of the business, including its Bitcoin business and the new debit card .
Jack Dorsey Image from REUTERS / Anushree Fadnavis / File Photo
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