Bitcoin-Friendly Cash App Tops PayPal in Google Play Store

December 11, 2018 08:33 UTC

Square’s Cash App has achieved a key milestone on the road to mainstreaming bitcoin usage by becoming the most popular app in the finance category on the U.S. Google Play Store ahead of PayPal. The app, which has spent much of the past year gaining tremendous amounts of ground within the millennial market segment is now America’s most downloaded finance app on Google Play.

Earlier in August, CCN reported that Cash App overtook Venmo to go into second place on the ranking behind PayPal, with a steady growth rate of 154 percent. In the same month the company announced that it had enabled bitcoin buying and selling services for users in all 50 U.S. states.

Square Growth Driven by Bitcoin

2018 has seen Square record some impressive growth, revenue and profit numbers driven largely by the exploding popularity of bitcoin usage among Cash App users. In August, Square CFO Sarah Friar remarked that the company is “seeing real growth” as a result of the strong performance of Cash App ever since the company enabled bitcoin trading services. At the time, she also revealed that Cash App was at number 15 and rising in the overall top 30 rankings on the App Store.

Earlier in the same month, the company revealed that it recorded a 100 percent increase in cryptocurrency profits in Q2 over Q1 despite the persistent bear market. Nevertheless, the company insists that while cryptocurrency may play a prominent role in future products and new versions of existing products, it is not viewed as a key monetisation engine. The goal Friar says, is to improve overall utility in Cash App.

Square CEO and Twitter co-founder Jack Dorsey has previously stated that he envisions a future where bitcoin is adopted as the currency of the internet. According to him, Square’s growth strategy is to enable people to transact with each other seamlessly by plugging inefficiencies in existing payment frameworks, be that through bitcoin or fiat. As yet unconfirmed, there is speculation that Square will introduce additional bitcoin-related functionality such as bitcoin payment processing or even a cryptocurrency exchange.

The news will come as a yet another significant piece of good news for Square, which has enjoyed a very good year in contrast to the state of many organizations with exposure to the cryptocurrency market. In June, the company achieved an all-time high market capitalisation after being becoming one of only a handful of entities to win a BitLicense from the New York Department of Financial Services.

Featured image from Shutterstock.

Last modified: December 11, 2018 05:30 UTC

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@DavidHundeyin

I am a busy Nigerian writer, journalist and writer with an interest in tech and finance. When I'm not contributing to CCN and traveling around Africa, you can catch me contributing to CNN Africa, or in the writers room at 'The Other News', Nigeria's weekly answer to 'The Daily Show' with nearly 2 million viewers. My work on 'The Other News' was featured in the New Yorker Magazine, and that was then cited in the Washington Post so I'm not sure that counts as a feature but I'll definitely mention it too! I have been nominated by the US State Department to take part in the 2019 Edward R. Murrow Program for journalists under the International Visitors Leadership Program. I also like hamsters. You can reach me on Twitter at _David_Hundeyin