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November 16, 2017, 05:52:58 PM |
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Earlier this week, $16 bln payments app Square officially integrated Bitcoin into its mobile platform, enabling three mln active users to buy, sell and store Bitcoin seamlessly. Jack Dorsey, the CEO at Twitter and Square, particularly expressed his enthusiasm towards the potential of Bitcoin as a robust store of value, and the Square team’s optimism surrounding the long-term growth trend of Bitcoin.
In an interview with Forbes, a Square representative explained: “We’re always listening to our customers and we’ve found that they are interested in using the Cash App to buy Bitcoin. Even large-scale multi-billion dollar companies such as Square and Overstock have started to experience major surges in their market valuations following their integration of Bitcoin and Blockchain technology.
More importantly, the integration of Bitcoin allows major payments app like Square to compete with existing service providers within the cryptocurrency and Bitcoin markets, which are dominated by a handful of companies including Coinbase and Blockchain. In consideration of the company’s optimism in regards to the long-term growth and adoption rate of Bitcoin and its CEO Jack Dorsey’s enthusiasm towards the cryptocurrency market, it is highly likely that the development team behind Square will actively investigate the possibility of full Bitcoin integration throughout its platform.
The integration of Bitcoin into the Square PoS network would immediately enable anyone to use Bitcoin at Square-using merchants such as restaurants, cafes and stores. Whether Square intends to pursue the integration of Bitcoin into its PoS system remains unclear.
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