A company doesn’t have to have an outstanding Q1 performance in order for investors to be happy. As weird as that sounds, Square proved that investors are slowly getting ready to go all-in after the bear market seems to be going away. This can be easily seen with the company’s Cash App which is how investors trade with bitcoin.
The 15 million monthly active trading users have more than doubled since Q1 of 2018. Cash App has also had its volume jump from $34 million to $65.5 million. It’s very important to note that this growth was achieved during the bear market. When the majority of cryptocurrencies lost more than 80% of their value, retail investor demand can clearly be seen with the growth of Cash App.
In fact, investors have steadily been increasing demands to such an extend that Square was forced to put a cap. The demand was rising so much that customers were capped at $10 000 per week.
According to Jack Dorsey, the Cash App will inevitably look for faster and more reliable bitcoin payments. This will happen via the integration of a second layer protocol Lightning Network. The option of more cryptocurrencies is a hot topic, but it seems that it’s all going well with just bitcoin alone.
This Cash App performance can be only the beginning
In the Q1 letter to the shareholders, it was evident that Square exceeded all expectations. Square also stated:
“The Cash App volume’s growth was nearly triple for every year since it’s inception in 2017. This clearly shows that the network is growing and we’re getting better and engaging and managing this ecosystem.”
Cash App has also had a clear effect on Square’s subscriptions and services. They grew revenue by up to 125% reaching $219 million for Q1. The result is that Cash App is now one of most known and used finance apps in the Google Play store. Also, the bitcoin costs aren’t included when the revenue was adjusted.
The revenue posted by Square for Q1 was $959 million, a solid 43% increase from last year’s Q1. Jack Dorsey might want to consider other crypto options. This will diversify the company’s options and might be extremely profitable during the upcoming bull runs.
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Peer-to-peer Bitcoin marketplace Paxful recently announced an integration onto BitMart, a leading global digital asset trading platform in the cryptocurrency market. The platform has 600,000 users worldwide. This partnership comes at a critical time for the crypto community and serves as a step the two entities have taken together, hoping to increase liquidity and scalability.
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