Banking business lending consumer lending fintech FinTech News payments square Square Capital Square Cash App 

Bitcoin-Friendly Square Uses App and Algorithms to Issue Business Loans

Payments company Square is moving into new markets by issuing business loans and will soon move to consumer lending. Its data collecting and analyzing algorithms are deciding creditworthiness letting borrowers arrange their loans in a few taps. According to WSJ reporting, one Texan food truck owner accepted a loan offer within the Square app, then went on to borrow $150,000 to open a gastropub. The borrower, Billy Joe Wilson, already used Square devices to process the credit card payments for his business. Square’s algorithms had been watching the transactions and…

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How Did Twitter CEO’s Square Overtake Coinbase as #1 Bitcoin Buying App?

Square, a payment platform for merchants and individual users operated by Twitter CEO Jack Dorsey, has surpassed Coinbase to become the most widely used iOS app to buy Bitcoin (BTC). The platform, called Cash App on Apple’s iOS store, also overtook YouTube to become the number one top free mobile application on the iOS store, demonstrating a rising demand for digitalized payment systems in the U.S. market. The easiest way for every single person in America to buy bitcoin is #1 on iOS today 💪 @CashApp — Miles Suter…

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$43 Million in Bitcoin Trades Help Square Beat Q3 Earnings Estimates

Twitter Facebook LinkedIn Square, the merchant payment service provider which thrives on its mobile card readers and applications, has posted its third-quarter shareholder report, and it includes $43 million in bitcoin revenue. Slim Margins on Bitcoin Overall, they’ve made 51 percent more than they did last year up to this point, and revenue is 68 percent better than they did during the same quarter of last year. BTC sales are one of its smallest components, but they still represent a notable portion of total revenue — around 5 percent. They…

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bitcoin Bitcoin Technology Bitcoin Wallets square 

Square Open-Sources Bitcoin Cold Storage System

Square, the digital payments giant that last year rolled out bitcoin trading through Cash App, its peer-to-peer mobile finance service, has open-sourced the system that the firm uses to manage cold storage for these cryptocurrency assets. Announced in a blog post penned by Square security engineer Alok Menghrajani, the company said that it chose to make the system open source to inspire further innovation in the cryptocurrency space and help companies in the fledgling industry fulfill their security needs. Menghrajani wrote: “We hope that by sharing our work, we can make…

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Bitcoin-Friendly Square Cash is Now More Popular Than Venmo

Data from app research firm Sensor Tower and Nomura Instinet have revealed that cumulative downloads of Square’s Cash App have surpassed that of its rival, Paypal’s Venmo, per a Bloomberg report. Square’s Cash App now has a cumulative total download of 33.5 million, which exceeds Venmo’s 32.9 million for the first time, after a successful July where it grew three times faster than Venmo. Both companies had made their peer-to-peer platforms a priority, introducing new features in a bid to increase the user base and monetize it. Square has taken…

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