Cash App: Square Inc.’s new bitcoin app overtakes Coinbase
Square Inc.’s newly developed Cash App has overtaken popular exchange Coinbase as the number one free mobile application for buying bitcoin.
Founded by Twitter CEO Jack Dorsey in 2009, Square Inc. has become fairly popular in the U.S. for their payment platforms for merchants. Additionally, it’s also been popular among millennials without bank accounts to send and receive payments. Streamlining the process of buying bitcoin through Cash App has now placed Square on the forefront of the bitcoin revolution.
Users of popular exchanges, Gemini and Coinbase, are required to make wire transfers or deposit payments to exchanges in order to trade cryptocurrencies. Cash App simplifies the process by instantly sending and receiving money through a mobile phone.
According to CCN, Dorsey isn’t seeking to use the app as a means of a profit-generator, at least at the moment. Dorsey believes Bitcoin to be a “transformational technology” and because of that he wants to learn as much as he can “as quickly as possible.”