RATE Group | Half of Cash App’s Revenue Now Comes From Bitcoin
80995
post-template-default,single,single-post,postid-80995,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Half of Cash App’s Revenue Now Comes From Bitcoin

27 Feb Half of Cash App’s Revenue Now Comes From Bitcoin

Posted at 08:35h in Bitcoin News by

[ad_1]

Square’s Cash App derived half of its fourth-quarter revenue from Bitcoin (BTC) services.

According to a shareholder letter published on Feb. 28, Bitcoin revenue amounted to $178 million during the fourth quarter of 2019, while combined non-Bitcoin revenue totaled $183 million.

In total Bitcoin accounted for more than half a billion dollars of revenue across 2019, equating to around $8 million in profits. That’s up from $1.7 million the previous year.

The figures show that Bitcoin is increasing in popularity with smaller retail investors on the peer-to-peer payments app, with the last quarter accounting for almost 40% of Square’s Bitcoin revenue for the year.

Cash App  — from Twitter CEO Jack Dorsey’s firm Square — is currently the second most-used finance app on Google Play, and the 23rd-most used app on the platform overall. It also offers fee-free free stock trading for its 24 million active users.

Average crypto spend users doubles in one year

They’re not major players…

[ad_2]

Source link

Tags:
, , ,