Jack Dorsey has made a new feature available for Cash App users who want to minimise the impact of market fluctuations on their finances.
What is the Cash App?
Cash App is a mobile payment service developed by Square Inc. which enables users to perform various activities related to money transfers.
The functions that the application has been sending and receiving money from everyone, sending donations or even giving a tip, but also receiving salary or tax refund faster up to 2 days. Just enter your phone number or QR code to do each of these things.
The Cash App has many uses, but the most commonly used one is to speed up getting a $1,200 stimulus check for U.S. citizens.
The service offered by Square Inc. is exceptionally well-thought-out. It offers investments in Bitcoin (BTC) and the stock exchange in order to minimize the impact of market fluctuations on users’ finances.
The most important feature of the new service is the “auto-invest” function, which allows you to automatically buy Bitcoins (BTCs) at recurring intervals, allowing you to forget about investing frequently.
By spreading the investment over daily shopping, the impact of market fluctuations can be minimized. Currently, with Auto Invest you can make daily, weekly or monthly purchases with a minimum of $10.
— jack (@jack) May 18, 2020
The new function is ideally suited to the use of getting faster stimulus checks by US citizens. When you suddenly get $1,200 into an account from which you can easily invest in leading crypto or stock market and the whole world just encourages you to do so, a large proportion of people will probably take advantage of the new service.
The future of the Cash App
Cash App recorded a 370% increase in revenue in the first quarter of 2020. The huge increase is due to the fact that the volume of Bitcoin transactions through the application increased.
Revenues from Bitcoins through the application accounted for 22% of the whole Square platform in the first quarter of this year.
Cash App recorded revenue of $300 million in the first quarter alone. The increase in the number of active Bitcoin users and the increase in demand is growing very intensively, and according to analysts’ forecasts and big players’ stubborn actions, it does not intend to decrease over the coming months.
It can be concluded that the increase in revenue is also due to the growing interest in Bitcoin among people, and the fact that Cash App has been so successful recently will probably prompt other companies to create similar solutions in this turbulent period.
In the age of smartphones and digitization of practically everything, we can expect more and more success of companies rotating in blockchain or crypto technology.