Square has experienced a strong growth in Bitcoin users driven by its Cash App, according to comments from CFO Sarah Friar.
Speaking with Bloomberg TV, Square’s Chief Financial Officer said that the company was very happy with its quarterly results, which revealed a 60 per cent top line growth in the second quarter of 2018.
“There is real growth under the hood because we are a top 30 app in the app store,” Friar continued. “In fact, yesterday we were 15th and we might go even higher toward the end of the week. That’s rarefied air, and that’s a good way to monitor the growth that’s going on on the platform.”
The firm’s success has been partly attributed to the demand for Bitcoin, she conceded, which Square tested by providing customers with a platform to buy and sell the coin before possibly expanding to offer more tools for the market.
“Crypto is just one of many pieces of utility that people want. It’s not the be all and end all that I think we hear a lot on financial news. Rather it’s just like any other form of investing. People want to have access and that’s what Square’s purpose is.”
Back in April Square enjoyed a 5 per cent boost to its stock value following the introduction of Bitcoin support in the Cash App.
“We observed that this was a feature our customers wanted and we support Bitcoin because we see it as a step in the long-term path toward greater financial success for all,” a spokesperson said.