Jack Dorsey’s mobile payments company Square, which has introduced millions of users to Bitcoin through the company’s Cash App, just sponsored Super Cash App Friday to give away $30,000 worth of BTC. The campaign is designed to introduce more mainstream users to cryptocurrency, allowing anyone 18 years old or older with an Instagram or Twitter account in the United States to enter the sweepstakes.
As of Friday, the sweepstakes had over 21,000 likes on Twitter.
It’s Super Cash App Friday and we’re giving away $30K in bitcoin. Quote tweet this post w/your $cashtag to enter to win $500 in BTC.
For good luck, tag an internet friend.
— Cash App (@CashApp) February 28, 2020
Square has also teamed up with TikTok to push Cash App to mainstream Millennials and to introduce millions of users to Bitcoin through a viral video and song, called Cash App, produced by musician and influencer Shiggy. The song has garnered over 136 million views.
With pop culture marketing efforts targeting Instagram, Twitter and TikTok users, Cash App has grown to 24 million active monthly users. As the second most popular finance app on the Apple Store, it reported $178 million in Bitcoin revenue last quarter.
In an interview with CNBC, Square chief financial officer Amrita Ahuja says Cash App’s marketing strategy is reaching a wide demographic.
“The way this team thinks about innovation is not just in the classic way that you innovate and watch a product and then optimize it as you see consumer results. But we also think about innovation in terms of how we reach our customers, whether that’s acquiring a customer, engaging with a customer, messaging with a customer. TikTok and some of the efforts there, along with other efforts, is really just an extension of how we think of innovation within the Cash App team.”
Growth of the Bitcoin-friendly app remains strong with total net revenue and gross profit increasing 147% and 104% year over year, respectively, in the fourth quarter of 2019.
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