RATE Group | Square Doubles Bitcoin Revenue, Generating $125 Million via Cash App in Q2
56822
post-template-default,single,single-post,postid-56822,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
 

Square Doubles Bitcoin Revenue, Generating $125 Million via Cash App in Q2

04 Aug Square Doubles Bitcoin Revenue, Generating $125 Million via Cash App in Q2

Posted at 03:43h in Bitcoin News by

[ad_1]

Payments company Square has generated $125 million in Bitcoin (BTC) revenue in the second quarter of 2019 through its mobile payments service Cash App.

Square released the information in the company’s Q2 2019 shareholder letter on Aug. 1. According to the letter, the company’s Bitcoin revenue benefited in part from the number one  cryptocurrency’s price rally over the quarter. As a result of this price growth, there was also a correspondingly increased volume of Bitcoin, they say. This resulted in a $2 million gross profit for the company.

Cash App obtained $135 million in subscription-, services- and transaction-based revenue. This means that Bitcoin revenue alone almost matched these other services combined.

In Square’s Q1 2019 report in May, the company revealed that it achieved a new revenue high from Bitcoin sales via Cash App, with a stated Bitcoin revenue of $65.5 million. This means Square has more than doubled its Bitcoin revenue compared to the preceding quarter.

[ad_2]

Source link

Tags:
, , , , , , , , ,