Tidio Live Chat Software - Add Tidio live chat software to your website in minutes. Contact visitors and turn them into happy customers. Enhance their experience and boost your sales. Get it for Free

Must Read

Moupiya Dutta
Moupiya Dutta
She finds it interesting to learn and analyze society. she keeps herself updated, emphasizing technology, social media, and science. She loves to pen down her thoughts, interested in music, art, and exploration around the globe.

According to an analysis from Nomura Instinet, Square seems to be immune from bitcoin’s moves as its mobile payment app grew despite a drop in demand for the cryptocurrency. Square Inc made headlines when it announced that its Square Cash app would be a welcoming place for bitcoin. Since that announcement, though the cryptocurrency market has cratered, the app continues to grow by leaps and bounds.

According to the data from Instinet it is found that Square Cash, which officially launched crypto trading in late January, has been able to “decouple” from bitcoin and is growing roughly three times faster than Paypal’s Venmo, with nearly 2 million downloads per month in May and June.

Square is more than just a bitcoin play. A lot of people were apprehensive because it went up with bitcoin, but instead, it’s decoupling.. – Dan Dolev, executive director and analyst at Instinet

Also Read

Bitcoin did see a spike in price late last year which explains the surge in Cash App downloads around December, when bitcoin was nearing $20,000 and Square first announced it was testing support for bitcoin, as according to Dolev. Bitcoin prices have seen a downturn of more than 65 percent since that peak.

The founder and Chief Executive of Square; Jack Dorsey is a big supporter of bitcoin. In 2014, he made possible for merchants to accept bitcoin as a payment method. His last year’s Tweet states, “Bitcoin: we tried this with our eCommerce store years back. Didn’t see much. Would love to see a digital currency thrive.”

Elegant Themes - The most popular WordPress theme in the world and the ultimate WordPress Page Builder. Get a 30-day money-back guarantee. Get it for Free

We can still hope to see bitcoin bloom as the stock is up 86 percent this year, and 154 percent year over year. But at the same time, Nomura’s prophecy suggests that Square’s ability to achieve its target could be affected by pricing pressure, slowing gross payment volume and new offerings that are entering the market from competitors.

Save up to 60% on OptinMonster

Stay updated

Subscribe to our newsletter and never miss an update on the latest tech, gaming, startup, how to guide, deals and more.

- Advertisement -
- Advertisement -

Latest

Grow Your Business

Place your brand in front of tech-savvy audience. Partner with us to build brand awareness, increase website traffic, generate qualified leads, and grow your business.

- Advertisement -

Grow Your Business

Get these business solutions, tools and services to help your business grow.
Elementor

Elementor -Join 5,000,000+ Professionals Who Build Better Sites With Elementor. Build your website with 100% visual design that loads faster and speeds up the process of building them.

WP Rocket

WP Rocket - Speed up your website with the most powerful caching plugin in the world. The website speed increase means better SEO ranking, user experience, and conversation. It’s a fact that Google loves a fast site.

Kinsta

Kinsta - If you are looking for WordPress managed hosting, Kinsta is in the leading front. Kinsta provides WordPress hosting for a small or large business that helps take care of all your needs regarding your website with cutting-edge technology.

OptinMonster

OptinMonster - Instantly boost leads and grow revenue with the #1 most powerful conversion optimization toolkit in the world. 700,000+ websites are using OptinMonster to turn their traffic into leads, subscribers, and sales.

Related

- Advertisement -
- Advertisement -