Square, a financial services firm, based in United States, and supporting Bitcoin (BTC)-payments on its trading app, dubbed “Cash App,” has been named “Yahoo Finance’s 2018 Company Of The Year”, as per a press release report published by the Yahoo Finance, on Tuesday, Dec. 18th 2018.
Square, founded by Jack Dorsey and Jim McKelvey in 2009, is a $26 billion market cap payments company. Recently, the company’s stock plummeted up 72 percent through Dec. 14th; with its shares’ prices up 170 percent through the end of Sept., before the markets took a downward slope.
Square, in Nov. 2017, announced to release a BTC trading option to a select 3 million of “Cash App” users. The announcement had a massive reaction on the app’s user base, with company’s stock plummeting up to $1 billion in a span of mere 5 days. And, when the company finally rolled out the support for BTC trading in Feb. 2018, across an extensive range of U.S. states, the company’s stock plummeted yet again.
According to Brian Grassadonia, Cash App lead, the stock surge was never the company’s intention to introduce BTC support, rather the company’s intentions were to democratizing access to financial tools that have historically been really complicated, intimidating, and stressful.
In Nov. 2018, the company reported making $43 million in Bitcoin revenue in the 3rd quarter of 2018, up from $37 million in the 2nd quarter this year. Also, in Nov. Square’s market cap surpassed Twitter’s, the popular social media platform which shares Jack Dorsey as its CEO.