The chief financial officer of Square, on March 24, 2020, has said, although the market is experiencing a lot of turbulence due to the outbreak of coronavirus, Bitcoin is not. The financial officer of Square mentioned that the Cash App which the company has developed for payment services, on that app the engagement of Bitcoin is increasing.
Purchasing Volume Of Bitcoin Increases in Q4
According to Square’s report, in the fourth quarter, the purchasing volume of Bitcoin via Cash App was over $178 million. In the year 2019, the app sold over $516 million worth of Bitcoin and earned a gross profit of $8 million.
During the investors call, organized by Square, the CFO, Amrita Ahuja, said that from last few weeks the adoption and engagement through Cash App in Bitcoin are increasing. Ahuja also mentioned that the trading of Bitcoin via this app is not affected by market volatility.
New Features Added In Cash App
The Square designed the Cash App to purchase Bitcoin. The aim of this app was to help investors by giving them greater financial access. Recently a new feature has been added in the app that would help investors to buy fractionalized shares of public companies.
While talking about Bitcoin’s growth during the call, the CEO of Square, Jack Dorsey, said that in the future the volume and people’s engagement in Bitcoin will grow.
A report stated that from a few days the Cash App has been showing great progress in terms of customer acquisition.
During the investor call, Ahuja appreciated Cash App and added,
“Cash App is an entirely separate ecosystem with performance untethered from our seller ecosystem, which helps individuals manage their money across a broad set of daily utilities sending spending and investing. We believe Cash App has the ability to differentially support customers in various economic environments.”