Square Cash, the mobile payments app operated by San Francisco-based financial services company Square, has seen faster growth than their fiercest competitor, PayPal’s Venmo app, according to new analysis from Nomura’s Instinet.

A report sent to Instinet clients from analyst Dan Dolev concludes that Square Cash is quickly catching up to Venmo’s install base, with nearly 28 million cumulative downloads of the Square Cash app, a mere $1 million behind Venmo, despite releasing 4 years later. Square Cash’s downloads have averaged a strong 128 percent year-over-year growth since 2016, with Venmo only managing 74% year-over-year growth comparatively.

Dolev says that historically Venmo has received more downloads than Square Cash, but the gap peaked in July 2017 and has shifted in favor of Square Cash.

While it’s been widely reported that Square only earned $200,000 from bitcoin transactions in Q1 2018 since its January launch, Dolev believes that offering bitcoin may have helped spark the app’s accelerated growth, comparing Square Cash app downloads to Coinbase’s app.

“With Square Cash App now open for Bitcoin trading in most states, comparing its growth versus the popular Coinbase app is noteworthy.” Dolev continued:

“Here, while Coinbase saw growth peak around the holiday time — as Bitcoin prices spiked — Coinbase’s growth has slowed from record levels, whereas Square Cash App experienced more balanced growth.”

Dolev’s report reiterated Square stocks as a ‘buy’, targeting $65 per share over the next 12 months, representing a predicted 18% increase. Shares of Square, Inc. were up 1.9 percent at the time of this writing.

Square’s CEO Jack Dorsey is a “huge fan” of bitcoin, and believes it’ll become the Internets “native currency” according to his comments on stage today at Consensus 2018. Dorsey plans to “help it happen” by supporting it as a method of payment for everyday use through the Square Cash app.