Fintech Stock Block Is Trying to Prove That the Ultimate Cryptocurrency Has a Real Use Case, But Will It Work?
Written by Neil Patel for The Motley Fool -> Block's most recent innovation comes from its Square segment, as the business introduced a new payments acceptance mechanism. It's too early to jump to any conclusions, but this is a step toward the world’s leading cryptocurrency bec
Block's most recent innovation comes from its Square segment, as the business introduced a new payments acceptance mechanism.
It's too early to jump to any conclusions, but this is a step toward the world’s leading cryptocurrency becoming a widely adopted medium of exchange.
Investors in the top digital asset should view Block’s move as a bullish signal.
Block (NYSE: XYZ) is an innovator within the world of financial services. Its Square segment, for example, provides numerous products, services, and software solutions specifically for merchants that have historically been underserved by the industry. The platform helps these sellers run their businesses better, supporting their ultimate success.
Recently, this fintech stock introduced a groundbreaking feature for its Square customers. In doing so, Block is trying to prove that the ultimate cryptocurrency has a real use case. Will this move work?
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In 2018, Block's Cash App segment, which is a personal finance platform for individuals, introduced Bitcoin (CRYPTO: BTC) trading. This move was clear evidence that the business was a forward thinker. Bitcoin's value has grown to a $1.2 trillion asset today, even though its price trades about 50% below its record.
Block isn't done dabbling in the Bitcoin waters. In March, the Square segment enabled all its qualifying U.S. merchants (except those in New York) to accept Bitcoin payments at checkout. There are more than 4 million Square sellers, so this launch was certainly a notable development with a large addressable audience.
