Who owns Cash App?
Since its beginning Cash App has been owned by Square Inc. It was never part of any acquisition or merger and has no previous owners.
As the CEO of Square, Jack Dorsey owns Cash App and there are 12 total members on its board of directors, including rapper Jay-Z. Jim McKelvey is the founder of Cash App, who with Dorsey, helped build the company into the large platform that it is today.
What is Cash App’s market share?
Cash App's market share has a 48% market share in 2020. It's set to become a leading competitor in the fintech industry, competing with giants such as PayPal and even Western Union.
How many people use Cash App?
There are 44 million active monthly users on the Cash App platform.
Better options for sending and receiving money are but a few of the major reasons for Cash App's explosive growth.
Who uses Cash App?
Cash App is used by mostly young people and young adults, people that aren't in good standing with other major financial institutions, and people looking for an all-in-one solution for sending, receiving, and withdrawing money.
It services as a tool for investing in shares and can be used to take local and international transactions, both online and in-person.
Cash App has boosted its user count to include people that are curious about the service and wish to open accounts for its investment features.
How much of Cash App revenue comes from Bitcoin?
76% of Cash App revenue comes from Bitcoin.
In 2019, its Bitcoin revenue was a little more than $500 million. In 2020, Bitcoin revenue increased to $4.57 billion in Q4 2020.
- Bitcoin trading without any hassles - Cash App simplified the Bitcoin trading and transaction process. While there are services that deal with cryptocurrencies exclusively, such as CoinBase, Cash App shortens this by handling only Bitcoin, the most popular of all other crypto options.
- Bitcoin wallet feature - Bitcoin cannot exist without a Bitcoin wallet of some kind, which is offered to Cash App's customers when signing up for an account.
- Bitcoin Withdrawals - Cash App has an option for people to withdraw Bitcoins to their ordinary account, whereby the money is then taken from an atm.
Bitcoin, while certainly Cash App's primary benefactor for improvements made in the last decade, isn't the only feature that accounts for this.
Another would be its ability to open up investing for people with little experience in the stock market.
E-trading has been around for some time, but most of the platforms featured online weren't very user-friendly and certainly weren't easy for people with no experience in day trading or investing to get into.
But in the last ten years, companies like Robinhood opened the door to groups that aren't interested in small-scale investing, yet didn't know where to start.
Other apps followed, one of them being Cash App. Cash App's investing begins at only one dollar, though users can add more as they wish.
As of now, only three-day trades are allowed per day. Ranging from Monday to Friday during regular trading hours.
As with all e-trading platforms, withdrawn investments can be taxed at the time that they're taken out of the user's account.
Stocks can be sold and bought at the user's will, even during hours where trading isn't open. There are no limits to the number of stocks that can be acquired.
How much have Cash App users stored on the app in total?
Cash App users have stored a total of $1.7 billion on the platform.(4)
What countries is Cash App available in?
Cash App is currently only available in the US and the UK.
How many employees does Cash App have?
Cash App has 1,103 employees working to keep the platform running smoothly.
The majority of them work in the Bay Area and Los Angeles metro. There are two facilities housed by the company.
The primary one is in San Francisco and the other near downtown LA. Of course, the employee count may shift over time, but its approximation hovers around 1000.
In the future, these numbers could grow, particularly if Square pursues its interest in Bitcoin mining and expansion to other countries outside of the US and UK.
Cash App's growth can be summed up in one word: innovation. It has embraced Bitcoin and because of that, has seen growth that's exceptionally better than its early years in the 2010s.
Soon, expansion could reach more users and harbor services that result in the platform being a single hub for trading, investing, and saving money.
BuyBitcoinWorldWide writers are subject matter experts and base their articles on firsthand information, like interviews with experts, whitepapers or original studies and experience. We also use trusted research and studies from other well-known sources. You can learn more about our editorial guidelines.
- Block Inc. - SEC Filings, https://investors.block.xyz/financials/sec-filings/default.aspx
- BusinessOfApps - Cash App Revenue and Usage Statistics, https://www.businessofapps.com/data/cash-app-statistics/
- Reuters - Block says Cash App has 44 mln verified monthly users after Hindenburg report, https://www.reuters.com/technology/block-says-cash-apps-44-mln-monthly-users-out-51-mln-have-verified-accounts-2023-03-30/
- ZDNet - Square Q2 2020: 64% leap in revenue, government assistance programs linked to Cash App growth, https://www.zdnet.com/article/square-q2-2020-64-leap-in-revenue-cash-app-remains-profitable/