RATE Group | Square’s Cash App makes $125 million by selling bitcoin
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Square’s Cash App makes $125 million by selling bitcoin

04 Aug Square’s Cash App makes $125 million by selling bitcoin

Posted at 13:52h in Bitcoin News by

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Payments company Square released its second-quarter earnings on Thursday, revealing its crypto-friendly Cash App made $125 million in revenue from bitcoin this quarter. This is nearly twice as much as it made in the preceding quarter.

The higher revenue led to a $2 million gross profit purely from bitcoin alone. In the earnings report, the explanation for this massive leap in sales is put down to increased trading volume in bitcoin, largely due to the recent pump in price.

Square’s bitcoin sales have been increasing, and accelerating, for the last five quarters. In Q1, 2019, it registered a record-high $65.5 million in revenue and $832,000 in profit.

“We love you, Bitcoin,” Jack Dorsey, head of Square and Twitter CEO, openly said it the earnings call to discuss the recent performance. While the investor in Lightning Labs—which is building a second layer scaling solution for the Bitcoin network—has been relatively outspoken on Twitter and Joe Rogan’s podcast, this was the…

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