Even in the midst of increasing competition and declining Bitcoin price, Square Cash app continues to post impressive download figures. The payment platform is set to overtake PayPal’s Venmo based on the total number of downloads. Meanwhile, the Coinbase app, one of its rivals has seen 2018 download figures plummet significantly.
Impressive Download Figures in the Midst of Crypto Price Decline
Square Cash app has recorded two million downloads per month for both May and June. Those download figures correspond to a year-to-year growth percentage of 154 and 153 percent for May and June respectively.
The increase in the number of downloads in those two months is particularly impressive given that Bitcoin declined considerably during the period. The top-ranked cryptocurrency fell by 19 and 15 percent respectively in May and June.
At the start of 2018, Square officially launched its Bitcoin trading feature. The platform had announced plans to do so since the last quarter of 2017. During the December 2017 BTC price spike, Square Cash app downloads also went through the roof leaving experts to think that maybe the growth trajectories for both BTC price and Square Cash app downloads would follow a similar path.
However, on the evidence of the figures presented thus far, it appears both charts have become decoupled. Commenting on the situation, Dan Dolev, the executive director of Nomura Instinet said:
Square is more than just a bitcoin play. A lot of people were worried because it went up with bitcoin, but instead, it’s decoupling.
Square Cash is Growing Faster than PayPal’s Venmo
Such is the pace of the platform’s meteoric rise that it is now on the cusp of surpassing PayPal’s Venmo based on the total number of downloads. Square Cash is now 200,000 downloads behind Venmo’s total of 31.4 million downloads.
In mid-May 2018, Dolev revealed that despite Venmo historically seeing more downloads, Square Cash was fast catching up. At the time, Dolev also revealed that since 2016, Square Cash had outstripped Venmo’s annual growth. Thus, it was only a matter of time before Square caught up with its rival.
In a related development, the Coinbase app has experienced a massive downturn in user downloads since the start of 2018. In June 2018, Coinbase downloads fell by 39 percent to rank 40th on the list of financial apps in the United States. Back in December 2017, at the height of Bitcoin mania, the app occupied the top spot.
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