3 Fintech Stocks & ETFs To Shine As Bitcoin Crosses $35,000

Square announced plans to foray into the cryptocurrency market at the end of 2017. It ventured into it in 2018 by facilitating the buying and selling of bitcoins via its Cash App. Since then, bitcoin trading has been boosting the company’s user base.

Notably, bitcoin revenues have stood out as the major driving factor for Square’s top-line growth. The company generated revenues of $1.63 billion from bitcoins, up significantly from $148.3 million in the third quarter of 2020. Square continued to benefit from the bitcoin space, driven by the increasing uptake of Cash App.

Going on, the company’s latest investment of $50 million to purchase 4,709 bitcoins deserves a special mention. This Zacks Rank #3 stock is expected to keep gaining from solid demand and growth in bitcoin activities.

Visa Inc. 

V is expected to gain from growing presence in the cryptocurrency space, largely on the back of constant partnerships and technological upgrades. To bolster its presence in the cryptocurrency market, Visa has been collaborating with cryptocurrency firms for allowing increased usage of digital currencies in day-to-day life by customers in its existing global network along with paving the way for hassle-free conversion of crypto into fiat currency. Case in point, Simplex has been made the principal member of Visa recently. Per the partnership, Simplex, which boasts a partner network comprising leading crypto exchanges and wallets, is allowed to offer Visa debit cards across Europe.

This Zacks Rank #3 stock, with more than 25 digital currency wallets linked to its systems along with a blockchain-based system, holds immense potential to strengthen its position in the digital currency space.

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