Payment platform Square observed a revenue high from bitcoin (BTC) sales through its Cash app, though as per the letter to shareholders outlining first quarter (Q1) 2019 financial figures, the profits from Bitcoin sales remained low.
In its recently published unaudited letter on earnings, square reveals the company’s total net revenue of Q1 2019, that grew 43% year over year, amounting to $959 million. Within which the bitcoin revenue was marked as $65.5 million. For the same period, Bitcoin costs amounted to $64.7 million, implying that overall bitcoin profits amounted to roughly $830,000.
In its fourth quarter of 2018, Square registered total net revenue of $933 million, wherein $52 million attributed to bitcoin revenue and bitcoin costs equaled $51.9 million. The company launched bitcoin trading in February of last year and has since been operating on a Point of Sale network. Adding BTC over its mobile services meant that any merchant using Square’s payment system will potentially be able to accept bitcoin as a form of payment.
Square and Twitter CEO Jack Dorsey announced in March that Square was hiring cryptocurrency engineers and was offering to pay them in bitcoin. Dorsey further noted that the decision to pay employees in the digital currency is aimed “to make the broader crypto ecosystem better,” thus contributing to the bitcoin community.
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