Cryptocurrency News Today – Square, Jack Dorsey’s mobile payments firm, which has recently introduced a vast multitude of users to BTC through his company’s Cash App, has just sponsored the Super Cash App Friday. The plan is to give away about $30,000 worth of Bitcoin.
This campaign was initiated to draw in more mainstream users to crypto, and allowing anyone who is 18 years of age or older with a Twitter or Instagram account in the U.S to enter the Sweepstakes protocol. This move proved to be a good one as more people have liked the post on Twitter since it was shared on the platform on Friday.
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As of Friday, February 28, the sweepstakes post has had 21,000 likes on Twitter. In another strategic move, Square has teamed up with TikTok. The goal of the collaboration is to push its Cash App to the mainstream millennials and to introduce many new users to Bitcoin via a viral video and song, known as Cash App, produced by Shiggy, a Musician and Influencer.
The song has already garnered 136 million views. And pop culture has made marketing efforts targeting Twitter, Instagram, and TikTok users. Since then Cash App has increased its user base to 24 million active users monthly. It is the second most popular finance application on Apple Store.
During an interview with CNBC, the chief financial officer (CFO) of Square, Amrita Ahuja, described Cash App’s marketing strategy as a plan designed to reach a wider demographic. Here are the CFO’s comments:
“The way the team thinks regarding innovation isn’t just in a classic way that users innovate and look at a product before optimizing it as you we consumer results. We also consider innovation in terms of the number of customers we have, whether that involves acquiring a customer, or engaging with customers, or even messaging with a customer. We have TikTok and some efforts there, as well as other efforts. It is just an extension of the way we think about innovation in the Cash App team.”
The growth rate of the Bitcoin-friendly Cash App remains strong at press time. The platform is believed to have a total net revenue as well as a gross profit increase of 147% and 104% year over year in quarter four of last year.