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Square Goes All In On Cryptocurrency

Jack Dorsey, the mastermind behind popular payment app Square and CEO of Twitter, goes all in on Squares shift towards cryptocurrency.

In a fourth-quarter earnings call, Dorsey told analysts:

“Bitcoin, for us, is not stopping at buying and selling,”

Going on to say:

“We do believe that this is a transformational technology for our industry and we want to learn as quickly as possible.”

Although at this time the Bitcoin experiment through the company’s Cash App has had little impact on Square’s bottom line. It is notable that the company earned an adjusted $0.8 per share in contrast to Wall Street’s prediction of $0.067 per share. In spite of outperforming Wall Street’s prediction, it is clear that his motives for moving into the crypto-space may not have been purely profit motivated.

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Dorsey said:

“We also believe that it does provide an opportunity to get more people access to the financial system. And certainly, that’s in stores of asset, but also ultimately,  over time, through currency.”

According to a 2017 World Bank Report, the number of underbanked people worldwide is currently around 2 billion. A downtrend from previous years thanks to new innovation from the financial sector. However, the current Know Your Customer (KYC) laws are burdensome and leave an overwhelming amount of people without access to financial opportunity. The introduction of cryptocurrency through popular payment platforms like Cash App may be the perfect solution, providing the underbanked population a more streamlined KYC process.

There is one thing currently standing in Dorsey’s way, market volatility. Bitcoin alone can shift as much as 20{9cc0bbfe480b2a393a1e1dce9114b5f9f09de3ed2cbbdc4d828b794f8bbbede4} in either loss or profit on a given day. This presents a very real problem that Square has been learning to deal with.

Dorsey Said:

“Today, when we offer to the buyer to purchase or to sell their ownership in the Bitcoin, we include a cushion or a margin in the price effectively to allow us to account for the fairly dynamic market that we see for Bitcoin.”

At this time it is unclear what the future holds for Square and Cash App but it is clear that the company sees cryptocurrency as a large part of its path forward.

As always we here at Cryptobase will keep you up to date as this story unfolds.

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