Square App Goes Crypto Gaining 3x More Growth than PayPal’s Venmo
Square Cash, a trading app that recently integrated cryptocurrency this year, has played a pivotal role in defining the value of Bitcoin trends as well as growing user numbers even though the greater bitcoin market is decreasing overall.
According to July 11 reports by CNBC, Instinet’s executive director, Dan Dolev, explained that there is much more to Square than mere bitcoin play. The company’s integration of cryptocurrencies resulted in a major following, with existing users excited about the long-awaited upgrade.
Bitcoinist reported that although greater altcoin and Bitcoin markets have seen a fall since January 2018, it has yet to affect overall crypto-consumer confidence.
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Dolev also noted that Square Cash’s app downloads increased by 150% this June as well as obtained permission from state regulators to offer services to residents of the New York area.
Dolev explained that contrary to expectations, facilitating trading in the state of New York had little effect if not slowed user downloads from a weekly statistical perspective. Meanwhile, Venmo, the PayPal owned mobile payment service maintains focus geared towards more traditional upgrades such as launching debit cards associated with the App this June. In addition, a Thursday announcement claimed a partnership in the works that will allow users to directly pay for Uber rides.
Meanwhile, big news for the crypto industry this week as Malta becomes home to the very first crypto bank, Founders Bank, launched by popular exchange, Binance. According to Michael Binachi, Co-founder and Chairperson, the institution plans to offer decentralized companies progressive financial solutions. It was also noted that parent company Binance will own five percent of the project’s stakes.