RATE Group | Jack Dorsey’s Square Sold $517M Worth of Bitcoin in 2019
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Jack Dorsey’s Square Sold $517M Worth of Bitcoin in 2019

28 Feb Jack Dorsey’s Square Sold $517M Worth of Bitcoin in 2019

Posted at 13:26h in Cryptocurrency News by

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Square sold $517 million worth of Bitcoin last year with sales of BTC covering around half of the company’s revenue in Q4 2019, data from the latest shareholder letter shows.

Square reportedly saw Bitcoin purchase volumes of $178 million in the fourth quarter. With selling more than half a billion worth of Bitcoin in 2019, the financial services company generated $8 million in gross profits. Roughly 2% of gross profit came from subscription and transaction-based services.

The company’s Q4 2019 report on Bitcoin sales indicates the rising crypto activity on the payment platform. BTCManager reports from last year showed that revenue from BTC sales was climbing at a fast pace, especially after launching such features as BTC deposits.

Crypto analytics firm Messari reported that Bitcoin sales on the Cash App accounted for more than 10% of the $5 billion Bitcoin mining rewards from last year. Cash App has a customer base of more than 24 million and it is now the second most-used…

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