The famous founder of Twitter, Jack Dorsey, and his popular app named Square are in the latest crypto news today for surpassing Coinbase and becoming the most widely used iOS app to buy Bitcoin (BTC) and a one-stop destination for many traders.
Known as “Cash App” in the Apple iOS store, this app also overtook YouTube and became the number one top free mobile application on the iOS store, demonstrating a new rising demand for digitalized payment systems in the United States.
For all of you who are wondering how this could happen, the answer is simple…
Dorsey’s Square App was already being utilized as an online payments platform that is popular among millennials who refrain from using banking systems. Prior to its integration of Bitcoin, it was used widely and appealed to the existing user and client base.
Therefore, Square initially gained traction as a tool for merchants – to later add the option to buy Bitcoin efficiently and easily link the purchases to their (already linked) bank accounts and credit cards.
Compared to Coinbase and Gemini which are both apps that allow buying of Bitcoin (BTC), Square does not require the users to go to banks and initiate wire transfers. Instead, everything is made easier and the strategy of the company, according to one spokesperson, is to drive utility in the Cash App and increase the liquidity of the asset.
The CEO of Square (and the founder of Twitter), Jack Dorsey, commented the following:
“Bitcoin, for us, is not stopping at buying and selling. We do believe that this is a transformational technology for our industry, and we want to learn as quickly as possible.”
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