The digital payments application Square has been optimistic about Bitcoin lately, seeing it as a “transformational technology” that is going to grow in the future. According to some rumors, this may be the first step for Square before the company launches a cryptocurrency exchange hosted by itself.
The entire ‘crypto revolution’ for Square began a month ago when the payment app released Cash App which is the firm’s peer-to-peer (P2P) transaction platform. A month ago, it released the feature to virtually all of its US-based users to provide them with a seamless Bitcoin purchasing experience.
According to the Square CEO Jack Dorsey, Bitcoin trading is still not material to their results. However, the technology is transformational and will build out more products and services in the future.
In his own words, Dorsey stated:
“Bitcoin, for us, is not stopping at buying and selling. We do believe that this is a transformational technology for our industry, and we want to learn as quickly as possible.”
As for the actual launch of a cryptocurrency exchange by Square, it is enough to say that Dorsey sees Bitcoin as a long-term path towards improved financial access for everyone. Therefore, it would not be surprising if the app expands its line of products soon.
According to the same source (MarketWatch), the company plans on building out an app that accepts Bitcoin. Other rumors say that Square may eventually transform Cash App into a cryptocurrency exchange similar to Coinbase.
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