The Chief Financial Officer of Square Incorporated Sarah Friar has applauded the contribution of Bitcoin in positive financial movement for the financial company.
The CFO, during a conversation with journalist explained that the company is impressed with the growth its seen in its BTC buying user base, especially in the second quarter. Square recorded profits of something near 60% for the quarter, much of which is not attributable to Bitcoin, but it shows the strength of the platform.
She went on to say:
“There is a real growth under the hood, because we are a top 30 app in the app store. In fact, yesterday, we were 15, and we might go higher towards the end of the week. That’s rarefied air, and that’s a good way to monitor the growth that’s going on the platform.”
A point was also raised on the internal policy of the company which allows the customer to buy and sell Bitcoins but cannot send or receive it. Square has said that the company is duty bound to check the utility of any service but ultimately decides whether to offer it or not.
“Crypto is just one of the 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,” she stressed.
Market observers observed that Square experienced a 100% profit in its Bitcoin trading sector in the second quarter of 2018, despite the very bearish market during this time. This relative stability is borne out of the fact that the users trust a large and public platform like Square and their loyalty transcends the variation in the movement in the market.
Generally, 2018 has been a rather successful year for Square, as the company keeps soaring high, since receiving a New York state license to by and sell Bitcoin. CEO Jack Dorsey, is also a Bitcoin believer who said Bitcoin would soon be the real deal in the future and could someday topple fiat currency.