Jack Dorsey, CEO of San Francisco-based payment service Square, revealed the company’s plans to focus on developing increased options for Bitcoin (BTC) use in a conference call Tuesday, Feb. 27 with Market Watch.
Dorsey, who is also the CEO of Twitter, specifically discussed the company’s Cash App, which now allows all users to buy and sell Bitcoin, telling Market Watch:
“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.”
According to Square’s 2017 Q4 report, also published Feb. 27, the company’s total net revenue and adjusted revenue have significantly increased compared to Q3 of 2017. Specifically regarding Bitcoin use in Square’s Cash App, the report stated positively:
“Additionally, customers can now buy and sell Bitcoin in Cash App. We observed that this was a feature our customers wanted, and we support Bitcoin because we see it as a step in the long-term path toward greater financial access for all.”
Currently available in 50 US states, Cash App allows its users to carry out instant fiat transactions, free cash-outs, and instant Bitcoin buy/sell option, which was first launched for a limited part of users in November, 2017. On Jan. 31, Square released the Bitcoin buy/sell option to almost all users.
Earlier today, Cointelegraph reported that J.P. Morgan Chase released an annual report for 2017 to the US Securities and Exchange Commission (SEC) yesterday, Feb. 27, in which the company lists cryptocurrency as a “risk factor” for its future business.