SQUARE ACCEPTS BITCOIN
Bitcoin is the rave of the moment!. Most institutions, individuals, and even countries are beginning to adopt and integrate Bitcoin into their processes. One of the most recent financial Institutions to join the Bitcoin train is Square Incorporated, which is a California based financial service and mobile payment company.
The CFO and operations lead at Square, Sarah Friar, in a recent interview with CNBC said that Square’s integration of Bitcoin as a payment option shows how innovative Square is and not a validation of Bitcoin.
Square incorporated has a cash app which is used to send and receive payments from friends, and now Bitcoin has been successfully integrated into the app to test the ability to buy and sell Bitcoin, a process that will ease the trading of Bitcoin by Square’s younger generation of consumers.
Square’s Bitcoin integration showed it’s a step in the right direction as the company’s stock price skyrocketed, barely a few days after Bitcoin integration
INNOVATION IS THE WORD
In an interview with Mad Money host, Jim Cramer, Sarah Friar said Square is an innovative company in the payments ecosystem who listens attentively to the opinions of its consumers when new products hit the market. Square CEO, Jack Dorsey, in an interview with The Verge, stated that Bitcoin is quite popular among the younger generation of people who use Smartphones to send out payments to friends and he had been asked by numerous people how to buy Bitcoin.
Friar further stated that Square’s integration of Bitcoin trading is to solve the difficulty that the users of its app encounter while trying to buy Bitcoin and not that Square is responding to sellers asking to accept Bitcoin.
TOO MUCH ANALYSIS LEADS TO PARALYSIS
According to Friar, companies like Square have no time to waste studying or doing too much analysis about new trends in its niche, because the fastest way to learn about new trends is to create products around them. For Friar, innovation involves risks, if you win, you go ahead, but if it doesn’t work out as planned, then the innovator goes back to the drawing board and re-strategize. She said Bitcoin is still in its early days, just like the internet and cloud data storage were, at some point in time. The skeptics will always stand and watch while innovators will be busy making things happen.
NO ONE KNOWS THE FUTURE
To Friar, predicting the future of Bitcoin and digital currencies is impossible, but she believes innovators like Square will always be at the forefront of trends in the payments ecosystem, to allow its client base do what they want at all times.
Currently, users of Square’s app can accept credit card payments, next-day settlements, and chargebacks amongst other benefits.