RATE Group | Square’s Bitcoin sales double in Q2 2019
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Square’s Bitcoin sales double in Q2 2019

03 Aug Square’s Bitcoin sales double in Q2 2019

Posted at 07:23h in Bitcoin News by

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  • Bitcoin sales of $125 million have resulted in $2 million gross profit for Square.
  • Bitcoin sales are not as profitable from Square, but they increase user engagement.

Popular payments company, Square, reported its second-quarter earnings revealing $125 million in Bitcoin sales via its Cash App. This nearly doubled its record first quarter. The report said: 

“During the quarter, bitcoin revenue benefited from increased volume as a result of the increase in the price of bitcoin, and generated $2 million of gross profit.”

The company said that Bitcoin represented around half of the total revenue on its Cash App, at $260 million during the second quarter of 2019. However, Bitcoin costs are listed at $122.9 million in the unaudited report, resulting in the afore-mentioned $2 million profit.

With $65.5 million in revenue and $832,000 in profit, the first quarter of 2019 was thought to be Square’s best quarter. However, clocking $125 million in sales during the…

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