It was recently reported that Square’s CashApp downloads are accelerating. Here are some highlights of the recent report by one of SQ’s stock analysts:
*Despite payment company Square SQ 's recent moves with bitcoin , the growth of its mobile payment app has been immune to the cryptocurrency’s price nosedive, according to Nomura Instinet.
*Square Cash, which officially launched crypto trading in late January, has been able to “decouple” from bitcoin and is growing roughly three times faster than Paypal’s Venmo, with nearly 2 million downloads per month in May and June, according to a Nomura analysis.
*But as bitcoin has struggled, the Cash App’s growth has accelerated. Download rates were particularly strong in May and June, when bitcoin’s price fell 19 and 15 percent, respectively. The app’s downloads rose 154 percent year over year for May and 153 percent in June, Dolev said.
As a SQ investor, the nice thing is that that total download of SQ’s CashApp are now about the same as those for Venmo. SQ has done a phenomenal job attracting people to its ecosystem.