There's a downside to the BitPay Card, though. In other words, if you want to use your smartphone to make Dogecoin-funded purchases, now you can. BitPay recently added support for Apple Wallet, meaning consumers can store their BitPay Card in their iPhone and fund Apple Pay purchases with crypto. In other words, consumers can now use the Shiba Inu-inspired currency to make purchases online or in stores.īut wait, there's more. Notably, the company added support for Dogecoin this March. Once this is done, you can use the BitPay Card to spend the balance anywhere Mastercard is accepted. In order to use the card, you'll first to fund a BitPay Wallet with a supported cryptocurrency. That in turn should power increasing profitability for this fintech company.Last year, Mastercard partnered with BitPay to launch a prepaid crypto card. Going forward, Square's strategy around Bitcoin should continue to pull new users onto the platform and deepen Cash App user engagement. In fact, according to Square, Boost rewards members spend about twice as much as other Cash Card consumers, driving gross profit up in the process. Again, this is enhancing user engagement. That rising level of engagement has translated into higher gross profit per user because consumers who trade Bitcoin through the Cash App also use other products (like the Square Cash Card) more frequently.įinally, Square added Bitcoin to its Boost rewards program in December 2020, allowing consumers to earn Bitcoin when they make purchases with their Square Cash Card. In fact, in the company's most recent shareholder letter, Square indicated that more than 3 million Cash App consumers traded Bitcoin in 2020, and more than 1 million bought Bitcoin for the first time in January 2021. While the cryptocurrency doesn't generate much profit directly - gross margins are roughly 2% on Bitcoin - it has helped increase Cash App user engagement. Now, Bitcoin represents roughly 5% of Square's cash, cash equivalents, and marketable securities. And shortly after, Square purchased another 3,318 tokens for an additional $170 million. Most recently, Square spent $50 million on Bitcoin in October 2020, buying roughly 4,709 tokens at the time. Since that time, the company has invested aggressively in the service. Back in 2018, it started allowing Cash App users to buy, sell, and hold Bitcoin. Square beat both of these companies to the punch. Moreover, this move should help PayPal add new accounts and grow its payments business as the crypto craze continues to gain steam. The company's plan to allow crypto-funded transactions should help make currencies like Bitcoin more mainstream. So what's the bottom line? PayPal is clearly on board with cryptocurrencies, and its support is a big win for the crypto community. The Curv team will join PayPal's newly formed business unit focused on blockchain and digital currencies, bolstering its growing pool of resources. This Israel-based start-up provides a security platform that helps exchanges, asset managers, banks, and fintechs safely store digital assets like cryptocurrency. That feature should launch later this quarter, and it could be a game-changer.įinally, PayPal recently announced its acquisition of Curv. In other words, consumers will be able to make purchases at any of PayPal's 29 million merchants using Bitcoin, Ethereum, or various other digital currencies. Schulman also noted that this was just the first step in PayPal's "extensive roadmap around crypto, blockchain, and digital currencies."įor instance, the company will allow users to transact in cryptocurrency. PayPal also plans to launch crypto trading in international markets this year.ĭuring the most recent earnings call, CEO Dan Schulman said the response to the company's crypto launch "greatly exceeded" its expectations. The feature has already been added to PayPal accounts in the U.S., and the company plans to bring the same functionality to Venmo in the coming months. In October 2020, PayPal announced the launch of cryptocurrency trading on its platform. That should boost payment volume for the company, driving top-line growth as cryptocurrencies become more popular. The takeaway here is this: Mastercard is making it easier for consumers to spend Bitcoin and other digital currencies in the real world. In other words, if you want to buy a pizza with gold, now you can. consumers can purchase assets like cryptocurrencies and precious metals, then use those assets to fund purchases anywhere Mastercard is accepted. Mastercard has also partnered with Uphold to launch the world's first multi-asset debit card.
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