One of the leading firms that deal with online payments, Square has termed the Bitcoin Cryptocurrency as a transformational technology that the world has ever witnessed. This has come at a time when there seems to be more critics that praise directed to the virtual coin.
A Sign of What to Come
Just as the general public is trying to grasp what these statements that were made by Jack Dorsey, the current CEO of Square might mean, market analysts have already jumped to a conclusion.
According to the predictions of these experts, the company is planning to introduce one of its own virtual coin exchange platform. This established digital payment firm caused more waves, when it stated that it would introduce a trading pilot program for the leading Cryptocurrency, Bitcoin. The program would have been offered through the firm’s peer-to-peer transaction platform, Cash App.
Barely one month ago, the company made another move that brought much change and improvement in the industry. This was when it released the feature to nearly all its customers residing in the United States of America; offering them what could be described as the easiest and fast Bitcoin purchasing process that has ever been witnessed in the entire market.
More on the Feature
When it had its earnings report for the first quarter of 2018 on Tuesday 27th February 2018, the executives of this firm set some time aside to discuss the feature. They noted that despite the fact that Bitcoin transactions are still not “material to their results,” they still perceive the whole system as one of the most transformational in these times. As a result of that, they resolved to initiate a plan of creating more services and products that would leverage this world’s leading virtual coin.
Speaking on a conference call in that session, Mr. Jack Dorsey, the firm’s current CEO noted that Bitcoin trading, to them, is not all about purchasing and offering them for sale. He said that they have strong beliefs that the entire technology is transformational in its nature and can be used to change a lot in the market. It can be remembered that Jack Dorsey had said the same words while addressing the media sometime in the past.
Square’s Cryptocurrency Exchange
To many, it will not come as a surprise when this firm decides to take its services that are related to the digital currency to the next level. This might happen either in the near or mid-term future. According to a report that was released by MarketWatch, there is one firm that has solid plans for creating an application that works with Bitcoin, and all indications point at Square. This is due to the fact that Square had previously indicated that they might create a platform that would assist its customers to start using this Bitcoin or even extend the feature to the PoS – Point of Sale products that it provides.
Speaking on Tuesday, 27th of February, Jeff Cantwell, an analyst with the Guggenheim hinted that Square might soon change its Cash App to an exchange platform like Coinbase.