SQ stock is up on news of Square’s plans for crypto

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When it comes to investing in growth stocks, you need to keep in mind that innovation is what matters. It sounds obvious, but it’s easy to lose sight of the fact that innovation creates compelling new products and services, which drive the growth of companies like Square (NYSE: SQ). And when it comes to innovation, Square has no equal. That’s why we love the SQ stock.

Source: Igor Golovniov / Shutterstock.com

This company got its start making credit card processing machines for small retailers, allowing these retailers to accept increasingly popular non-cash payments. They killed him in that regard and had a huge adoption.

Square continues to innovate

But Square didn’t stop there.

Over the next decade, the company created an online payments processor, a suite of digital tools for small and medium-sized businesses to manage their businesses, a neobank as well as a fintech app for consumers.

Their sustained focus on innovation has enabled the company to maintain over 20% revenue growth year over year.

But what’s next for Square?

It’s crypto.

Square is making a huge push into cryptos by allowing individuals to buy, sell and hold cryptos in various digital wallets. The company appears determined to be the financial services product behind crypto transactions.

They also announced yesterday that they are planning to deploy a hardware wallet for Bitcoin (CCC: BTC-USD) – “We have decided to create a hardware wallet and a service to make bitcoin custody more common …”

Square’s latest innovative move – getting involved in cryptos – will support Square’s huge revenue growth, which will keep SQ’s stock on an uptrend.

SQ is just one of my top picks, which in the long run will pay investors big returns… but it’s far from the only hyper-growing stock on my radar.

In fact, in my free email newsletter, Hypergrowth Investing, I cover emerging megatrends and high-risk, high-yield equity choices every day. By becoming a subscriber you will never have to pay a dime and you will always get high quality information on a number of topics and market choices that could make you a ton of money in the short or long term.

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Good investment.

At the time of publication, Luke Lango had (directly or indirectly) no position in any of the stocks mentioned in this article.

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