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Bitcoin-Backed Square Named Yahoo Finance Company of the Year

Bitcoin (BTC), Cryptocurrency–While no one will argue the fact that 2018 has been a horrible year for cryptocurrency valuation, with the majority of altcoins down 90 percent or more since the start of the year, Bitcoin-supported payment portal Square has been named a top finance company of 2018.

Yahoo Finance, in its end of the year roundup, named Square their 2018 Company of the Year. Square, which has been around since 2009 but only began offering BTC trading in November 2017, has been a supporter of cryptocurrency despite the down market. While fiat makes up the majority use of the payment platform, Co-Founder and CEO Jack Dorsey has managed to exert an influence over the company which has extended to digital assets.

According to the release by Yahoo Finance, the company’s stock has demonstrated just how powerful of a player Square has become in the fintech scene,

Square’s investors know it. The stock was up 72% through Dec. 14. Before the larger market pullback that began in October, shares were up 170% through the end of September.

The acquisitions Square has made over the last several years, leading the company’s offering and technology to outpace the growing competition of a digital payment processors, has led to Square being vaulted into the top echelon of a companies typically selected by Yahoo Finance for their end of the year reward,

Square, with $26 billion in market cap and 2,300 employees, might look like a surprising choice compared to our picks in the past few years, all much larger companies: Facebook in 2015, Nvidia in 2016, and Amazon last year. But Square is rapidly making itself a force to be reckoned with in financial services. In November, the company forecast 60% growth for 2018 and more than $3.2 billion in revenue.

With the help of Dorsey, who is also co-founder and CEO of Twitter, Square has managed to grow its Bitcoin division into a wing of the company that is seeing increased revenue. In November, Square quarterly reports announced that Q3 BTC revenue was $43 million, up $37 million from the previous quarter. While that figure represents a small drop in the bucket for the billion-dollar company, it also positions Square to be a market leader in the event of broader Bitcoin and cryptocurrency adoption.

Jack Dorsey, who has been outspoken in his support for Bitcoin, has been one of the most high profile tech industry figures to overlap into the world of cryptocurrency. In March, Dorsey made waves in the crypto space and beyond when he gave his opinion that Bitcoin could become the internet’s–and world’s–single currency over the next ten years,

“The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin,”

Considering the position that Dorsey holds with both Square and Twitter, it could provide an interesting proposition for Bitcoin and cryptocurrency over the coming year. With the bombshell rumor out of Facebook that the social media giant is developing a stablecoin for its WhatsApp messaging platform, Twitter could find itself in position to follow suit in order to keep up with the competition. Square, given its high profile development and app-focused usability, could provide a conduit for Twitter to make the leap into cryptocurrency.

At the very least, Dorsey’s presence with Square and his influence in Twitter is a positive focus for cryptocurrency investors looking to 2019 for further industry growth.

The post Bitcoin-Backed Square Named Yahoo Finance Company of the Year appeared first on Ethereum World News.

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Payment Platform Square Sees $37 Million in Revenue From Bitcoin Integration

Bitcoin (BTC)–Despite the growing perception that cryptocurrency offers little value to digital payment platforms, Square has published figures that show a gain in revenue valued in tens of millions of dollars for the second quarter of the year.

Square, Inc., the brainchild of Twitter founder Jack Dorsey, has been a positive driving force for cryptocurrency via the integration of Bitcoin dating back to last year. In November 2017, the payment application worth $16 billion began implementing BTC for buys, sells and storage, giving the king of cryptocurrency a high-profile, mainstream outlet with an easy to use smartphone app. Dorsey, CEO and founder of Square since 2009, has been a huge proponent of Bitcoin and one of the most bullish figures to emerge from the social media culture of Silicon Valley, going on record in March that Bitcoin could be the world’s “single” currency in a decade.

Published in a quarterly report to the U.S. Securities and Exchange Commission (SEC), Square revealed generating over $70 million in revenue via Bitcoin alone through the first half of 2018. In addition, despite the falling price of cryptocurrency throughout 2018, the company reported a growth in revenue between the first and second quarter of the year, posting $34 million and $37 million, respectively. Total revenue for the second quarter was $814 million, with BTC making up 4.5 percent of that value. The numbers reflect a similar quarterly report out of Ripple, whereby the total valuation of XRP sales had dropped substantially (as the coin fell from nearly $4 USD at the beginning of the year to below $0.50), while customer volume increased. Revenue coming out of sources like Square gives the impression that although the crypto markets are struggling to turn around from a prolonged bear cycle, adoption in the industry and customer growth is moving at a reasonable pace.

In June, Square completed a milestone in operating within the crypto space, acquiring a BitLicense to allow buy and sells for customers living in New York. While the company has yet to see substantial profit from the addition of cryptocurrency (most of the reported revenue has been offset by operating and implementation costs), the stepping stone of increase is promising to that end.

Despite Dorsey’s bullish remarks on Bitcoin, his dual presence with Square and Twitter has created one of the more perplexing contradictions surrounding cryptocurrency. Twitter, alongside Google and Facebook, implemented a ban against cryptocurrency advertisements earlier in the year, contributing to the substantial fall off in price. While Dorsey may not have had a hand in bringing about such a one-sided ruling against crypto, it’s telling to hear his opinions on Bitcoin combined with the actions Square has taken to become a legitimate player in the market.

Most community members of cryptocurrency would prefer to see adoption beyond payment processors and platforms of exchange–as the currency is capable of accomplishing transactions without an intermediary. However, the recognizable nature of Square in conjunction with its high profile CEO Jack Dorsey, is a tailwind for the king of cryptocurrency. Square is in prime position, like most mobile-based crypto portals, to pivot into a more user friendly option for those intimidated by the private/public key approach to BTC transactions. At the very least, with adoption next spreading into the mainstream and less tech-savvy crowd, the need for custodial outlets will be beneficial to the industry.