The cash application of the online payment processor Square shot the weekend at number one on the download charts of the App Store in the United States. Among other things, it enables the trading of Bitcoin (BTC).
Cash App, an application that facilitates the acquisition of Bitcoin among other things , briefly dominated the App Store. It was designed by online payment processor Square, which is led by Twitter CEO Jack Dorsey. On Saturday, the application in the US temporarily topped the download charts of Apple’s App Store, ending up even ahead of the YouTube app.
Currently, the cash app has been pushed back from the top, but is still in first place in the iTunes charts in the Finance category again – before the PayPal app. Also in the Google Play Store , the app in this area reaches the first place.
Access even easier than with competition
The cash app has a clear advantage over other crypto exchanges. For a long time, it served only as a payment service provider for US dollar transactions. This has allowed her to build a broad user base.
As a rule, these customers have already verified their identity and can therefore immediately enter into Bitcoin trading. When registering for exchanges such as Coinbase or Gemini , they would have to go through the cumbersome KYC process again.
A disadvantage of the cash app , however, is that so far there have been no Altcoins released for trading. Also the lack of international availability is a criticism: Under the Tweet shown above were comments like ” Please do this for Australians ” or ” Come to Brazil “. Also in India the app is not downloadable yet.
Rising revenue from Bitcoin business
Squares Bitcoin business is so far unimpressed by this year’s bear market. BTC trading revenues were $ 34 million in the first quarter of 2018, but climbed to $ 37 million in Q2 and $ 43 million in the third.
However, the Bitcoin purchase was only made available to most users of the cash app at the end of January . Due to high costs due to the BTC integration, the company only recorded a profit of around 550,000 US dollars in the Bitcoin trade in the third quarter.
Profit does not come first
Square , however, has not written on the flags to make the fast money. Sarah Friar, Chief Financial Officer (CFO) of the company, told the station CNBC in August: “It is not an important monetization engine. The goal is to continue the usefulness of the cash app . “
Square CEO Jack Dorsey predicted a bright future for Bitcoin in March: he told the Times newspaper that the coin would become the only currency on the Internet, perhaps within the next decade or so.
Will the existing ex changes disappear as more and more financial services providers offer crypto trading on their established platforms? Write us your thoughts in the comments column!