Bitcoin-Friendly Square Cash is Now More Popular Than Venmo

Data from app research firm Sensor Tower and Nomura Instinet have revealed that cumulative downloads of Square’s Cash App have surpassed that of its rival, Paypal’s Venmo, per a Bloomberg report.

Square’s Cash App now has a cumulative total download of 33.5 million, which exceeds Venmo’s 32.9 million for the first time, after a successful July where it grew three times faster than Venmo. Both companies had made their peer-to-peer platforms a priority, introducing new features in a bid to increase the user base and monetize it.

Square has taken steps to grow the adoption of its Cash Card by making it an integral part of its product ecosystem. It has integrated the app with Caviar — its food delivery business — made it useful for instant payments (such as payment for gasoline), and provided Square merchants with an option to transfer payroll deposits to employees.

Dan Dolev, an analyst that works with Nomura Instinet, expects the new market-leading position to…