Dan Dolev, executive director and analyst at Nomura Instinet, told CNBC that he believes that the growth has decoupled from Bitcoin’s price, which suffered double-digit percentage losses in both months measured.
Square is more than just a bitcoin play. A lot of people were worried because it went up with bitcoin, but instead, it’s decoupling.
Nomura notes that Square Cash is now within 200,000 total downloads of Venmo’s 31.4 million, and the firm believes it will surpass Venmo within the next few months.
Last month, Square was the 7th company to receive a “BitLicense” from New York state after a comprehensive review that was conducted by the New York State Department of Financial Services which focused on the app’s anti-money laundering and anti-fraud policies.