As bitcoin prices ramp up at the end of 2020, Square has solidly benefited from renewed interest in the cryptocurrency. The firm’s Cash App continues to deliver on bitcoin trading revenues, growing profits 212 percent year over year.
In an effort to drive higher engagement and monetization, Square has added ancillary features to the popular app beyond peer to peer payments, like stock trading and a debit card. Those efforts are beginning to bear early fruit. The company is clearly focused on getting more users to download the app and giving them more reasons to spend time and money using the app.
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Adopting and managing digital tools is an uphill battle for incumbent institutions that involves a variety of challenges from both external and internal environments. Despite the hurdles, many traditional banking institutions continue to refine their digital offerings to align with the growing needs of their customers.
Citi is the latest among incumbent banks to augment its digital services.