Bitcoin is now an unignorable part of the Cash App payments app. Operated by Square, Cash App has reported that almost 50% of its entire revenue for its 2019 fourth quarter came from services and features related to Bitcoin (BTC).
The company recently published a newsletter. In the report, Square says that between Nov. 1 and Dec. 31 alone, Bitcoin pulled a total of $178 million in revenue for the company. Of that amount, its profit stood at $3 million which is a 50% growth from the second and third quarters. Per the report, all revenue from non-Bitcoin services pulled in a total of $183 million.
Furthermore, Square says that for the whole of 2019, its Bitcoin revenue was $516 million with profits of about $8 million.
So far, Cash App has been very successful. At the moment, the app is the second most-used finance app and the 23rd most-used app overall on Android’s Google Play Store, according to recent statistics.
Bitcoin services were launched on Cash App back in 2018. Since then, it has been growing quite consistently with a lot of deliberate effort coming from the company.
Last year, the head of Square’s Crypto division Steve Lee had announced a strong commitment to focusing on Bitcoin.
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