Amrita Ahuja, the chief financial officer (CFO) for the digital payments firm Square, can see a future where the internet has its own currency — and bitcoin, she believes, is the most likely prospect.
Square, the financial services and digital payments company launched in Silicon Valley almost a dozen years ago, has grown from its roots into a multi-faceted full-service platform for small- and medium-sized businesses (SMBs). The company built out its services for businesses, integrated the digital-payments service Cash App and buy now, pay later platform Affirm, and implemented a developer platform for a decentralized bitcoin exchange.
Ahuja, who joined the company in 2019 as CFO, told the Wall Street Journal on Thursday (Oct. 28) that Square sees itself “as an ecosystem of startups” where each could have “additional startups inside of it.”
“We test with the launch of something small, we learn, we get customer feedback, we iterate, and we end up doubling down on the things that work,” Ahuja said.
As far as growing Cash App’s penetration rate, there is a multi-pronged approach that includes adoption from within its customer base, outreach to new clientele, and expanding its suite of products. The newest and biggest customer base has been among the millennial and Gen Z populations, Ahuja said.
The adoption of bitcoin, she believes, will be the “strongest contender” for an internet native currency due its resiliency and security.
“We believe it’s principled because it’s decentralized, transparent and has a consensus-based development model,” she told the WSJ. “Bitcoin can provide financial access to those who have historically been marginalized by existing financial systems or who have distrust for their federal banks, as we’ve seen in certain regions, like in Latin America.”