Cash App helps coronavirus loans reach small businesses: Square co-founder
Square co-founder Jim McKelvey on Cash App, virtual money management and how small businesses and entrepreneurs are faring during the coronavirus and protests.
The Cash App has become a boon for Square Inc. during the coronavirus pandemic, rallying shares 28% in the past month and 166% since the beginning of the year.
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According to a Wednesday report in The Wall Street Journal, however, bank stocks have taken a sharp downturn.
Much like PayPal Holdings Inc.'s Venmo, the highly popular Cash App allows users to send money to each other via smartphone, invest in bitcoin and parts of individual stocks, and purchase items with a prepaid debit card.
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Cash App revenue more than doubled from a year earlier to $325 million in the second quarter — a figure excluding the sales of bitcoin.