Bitcoin (BTC), Cryptocurrency-While no one will argue that 2018 was a horrible year for cryptocurrency assessment, with most of the altcoins down 90% or more from the start of the year, the payment portal supported by Bitcoin was named one of the leading financial companies of 2018.
Yahoo Finance, at the end of the year, has named Square its 2018 Company. Square, which has been in circulation since 2009, but which started offering BTC trading only in November 2017, was a supporter of cryptocurrency despite the market decline. While fiat constitutes the majority use of the payment platform, co-founder and CEO Jack Dorsey has managed to exert an influence on the company that has expanded to digital resources.
According to the release of Yahoo Finance, the company's shares have shown how powerful it became a Square player in the fintech scene,
Square investors know this. The stock has increased by 72% until December 14th. Prior to the recovery of the broader market started in October, shares rose by 170% until the end of September.
Square has acquired in recent years, bringing the company's offering and technology to overcome the growing competition of digital payment processors, led Square to reach the summit of a company usually selected by Yahoo Finance for its end of the prize of the year,
Square, with 26 billion dollars of market capitalization and 2,300 employees, might seem a surprising choice compared to our choices in recent years, all of them much larger companies: Facebook in 2015, Nvidia in 2016 and Amazon last year. But Square is rapidly becoming a force that should not be underestimated in financial services. In November, the company expects a 60% growth for 2018 and over $ 3.2 billion in revenues.
With the help of Dorsey, who is also co-founder and CEO of Twitter, Square has managed to grow its Bitcoin division into a company that is seeing an increase in revenue. In November, Quarter's quarterly reports announced that third-quarter revenue was $ 43 million, up $ 37 million from the previous quarter. While that figure represents a small drop in the $ 1 billion bucket for the company, it also positions Square as the market leader in the event of wider adoption of Bitcoin and cryptocurrency.
Jack Dorsey, who was straightforward in his support for Bitcoin, was one of the most high profile figures in the tech industry to overlay the world of cryptocurrency. In March, Dorsey made waves in the cryptic space and over when he gave his own opinion that Bitcoin could become the single currency of the internet and the world in the next ten years,
"In the end the world will have a single currency, the internet will have a single currency, I personally believe it will be bitcoin"
Considering the position that Dorsey holds with both Square and Twitter, it could provide an interesting proposal for Bitcoin and cryptocurrency in the next year. With the undisputed rumor on Facebook that the social media giant is developing a stablecoin for its WhatsApp messaging platform, Twitter may be in a position to follow the example to keep up with the competition. Square, given its high profile of development and usability focused on the app, could provide a channel for Twitter to make the jump in cryptocurrency.
At the very least, Dorsey's presence with Square and its influence on Twitter is a positive benchmark for cryptocurrency investors looking to 2019 for further growth in the industry.