The cryptocurrency space is going through fast churning nowadays, with major developments happening on a daily basis. In the latest one, Square’s cash payment app, Cash App, has come up with an attractive offer for its users. According to the offer, customers can get Bitcoin back on every transaction made on the app. This is significant in the context that, until now, this facility allowed customers to get only the US currency back on transactions though now, with this offer, customers can get the Bitcoin back on their transactions.
Cash App has significant market credentials, and according to the earnings report of Square for the third quarter, it has been able to generate Bitcoin revenue worth $1.63 billion. Compared to the earning in the same quarter the previous year, this translates into a humongous 11 times growth in the app’s revenue.
Crypto-experts and financial experts see this new development as broad indications of the growing importance of cryptocurrency. Specifically, this signals the wider acceptance that Bitcoin is getting as a mainstream currency around the globe. On a competitive front, this is also the company’s strategy to stay ahead of PayPal – an established payment transfer player that has recently announced its plan to get into the cryptocurrency domain.
There is a growing number of offers in the market that offer customers rewards in the form of a Bitcoin-back facility. One important mention is the partnership between BlockFi and VISA, which will provide customers with a credit card with a Bitcoin-back offer early next year. We’re sure to witness many more such announcements/schemes in the future as companies try hard to make Bitcoin one of the mainstream currencies of the 21st century.