Bitcoin Payment with Square's Cash App Signals Growing Adoption

Square's mobile payments application, Cash App, posts impressive growth for Bitcoin transactions despite the bearish cryptocurrency market.

Square is a merchant services and mobile payments company based out of San Francisco.

Founded in 2009, the company is known for its portable point of sale systems such as Square Reader and Square Register.

Since inception, Square has become one of the most popular payment services for small and medium-sized businesses in the United States.

In a series of progressive moves, Square was one of the first major payment processors to support Bitcoin transactions.

The company made its first foray into crypto payments in March of 2017 when Square Market, a tool for establishing eCommerce storefronts for small businesses, would also support Bitcoin payments.

Square moved to beta test Bitcoin payments in November of 2017, and by January of 2018, the company had released the feature to most of Cash App's users.

Square is one of the first mainstream payment processors to tackle the shortcomings of cryptocurrency payments.

By leveraging its large user base and popularity among small businesses it is possible Square could become a leader in crypto payment processing.

Since the release of Cash App's Bitcoin support, cryptocurrency market capitalization has decreased by approximately 66 percent while Bitcoin transactions on Cash App grow unabated.