RATE Group | Bitcoin Drove Half of Square’s Cash App Revenue in the 4th Quarter
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Bitcoin Drove Half of Square’s Cash App Revenue in the 4th Quarter

27 Feb Bitcoin Drove Half of Square’s Cash App Revenue in the 4th Quarter

Posted at 01:28h in Bitcoin News by

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Very close to half the revenue on Square’s Cash App in the fourth quarter came from bitcoin.

Jack Dorsey’s payments company reported on bitcoin (BTC) profits as part of its fourth-quarter 2020 revenue results, in a shareholder letter released Wednesday. It reported bitcoin revenue of $178 million between Nov. 1 and Dec. 31, with profits of $3 million, up 50 percent over the prior two quarters.

Non-bitcoin revenue on Cash App in the fourth quarter was $183 million. 

The company reported a year-end profit of $8 million on $516 million in yearly bitcoin revenue.

On Wednesday’s investor call, Dorsey said a Cash App redesign made it easier for new users to discover other services.

“The peer-to-peer transfers network continues to be our best acquisition channel,” Dorsey said. “Those new to the app then go on to discover bitcoin” and other in-app products, he said.

Later in the call, Chief Financial Officer Amrita Ahuja said once a Cash user starts using the app’s bitcoin or Investing…

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