News Square’s Cash App makes $125 million by selling bitcoin

Square’s Cash App makes $125 million by selling bitcoin


- Advertisment -

Payments company Square released its second-quarter earnings on Thursday, revealing its crypto-friendly Cash App made $125 million in revenue from bitcoin this quarter. This is nearly twice as much as it made in the preceding quarter.

The higher revenue led to a $2 million gross profit purely from bitcoin alone. In the earnings report, the explanation for this massive leap in sales is put down to increased trading volume in bitcoin, largely due to the recent pump in price.

Square’s bitcoin sales have been increasing, and accelerating, for the last five quarters. In Q1, 2019, it registered a record-high $65.5 million in revenue and $832,000 in profit.

“We love you, Bitcoin,” Jack Dorsey, head of Square and Twitter CEO, openly said it the earnings call to discuss the recent performance. While the investor in Lightning Labs—which is building a second layer scaling solution for the Bitcoin network—has been relatively outspoken on Twitter and Joe Rogan’s podcast, this was the first time he had expressed such sentiment in an earnings call.

Dorsey himself may have contributed to the increase in revenue Cash App has seen this year. He told Marty Bent, on Tales from the Crypt, in March, that he had been buying bitcoin on Cash App—maxing out his weekly limits.

Square has also been upping its focus on crypto. Its crypto-focused subsidiary Square Crypto has been hiring blockchain engineers (paid in bitcoin if they wish) and designers to help make Bitcoin more user-friendly. It has also been engaging with the crypto community to discuss whether there needs to be a symbol for the smallest unit of bitcoin—the satoshi. But so far, good suggestions have been few and far between.



Please enter your comment!
Please enter your name here

Latest news

Top 8 Potential Cryptocurrency Business Ideas for 2021

Which word comes into your mind when you hear or think of the word ‘cryptocurrency’? It might...

3 Important Reasons to Have AML for Cryptocurrency Business

In this article we are going to examine the 3 most important reasons to Have AML for...

Use of Smart Cards in Blockchain App Development

Ever since blockchain technology made a major breakthrough all over the globe, experts and forecasters have been...

IMF: Risk of substitution of domestic money by central banks’ digital currencies

Central banks around the world began looking closely at the issuance of their own digital currencies, known...
- Advertisement -

Ripple: The cryptocurrency that will ‘change’ the world in 2020

Ripple could say he's a child of Bitcoin: In December 2017 Bitcoin hit a record price in...

Spain approves Crypto Holdings disclosure bill from cryptocurrency holders

Spain approves Crypto Holdings disclosure bill from cryptocurrency holders. Spain's government has reportedly approved...

Must read

- Advertisement -

Read Next
Recommended to you