In the third quarter, Square Inc has revealed that the payment company realized over $1 billion in Bitcoin revenue. Square mentioned that achievement is the first time the company would cross the $1 billion mark.
On the 5th of November, Square Inc reported in a “Q3 Shareholder Letter” that it pulled in a Bitcoin revenue of $1.63 billion. Of this, Square’s gross profit from Bitcoin was $32 million. The revenue signifies an 11x year over year (YOY) growth while the gross profits represent a 15x YoY growth.
Furthermore, Bitcoin transactions surged in the second quarter of the year, with Cash App pulling in $875 million in Bitcoin revenue and a profit of $17 million. Compared to the $515 worth of Bitcoin that Cash App sold last year, the recent figures represent a triple of last year’s figures.
According to Square, the recent gains in Bitcoin revenue is due to an increased number of active users on its platform. The company further revealed that the various services it renders gives users more reasons to spend, send, store, and invest their funds.
The report noted:
“Customers who adopted two or more products were highly engaged: during the third quarter, these customers had 3-4x more transactions and generated 3-4x more gross profit compared to customers who only used peer-to-peer payments.”
In revenue, Cash App reported $2 billion in the third quarter. Bitcoin is the major contributor to the increased revenue.
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
