Square’s Cash App Reports BTC Quarterly Revenue Exceeds Fiat’s, Soaring 367% to $306 Mil…

Square’s Cash App reported Wednesday, that bitcoin (BTC) revenue during the first quarter of the year, soared 367% to $306 million from $65 million a year ago. Quarter-on-quarter, the figure is up 71%.

The increase is thanks “to growth in the number of active bitcoin customers, as well as growth in customer demand as a result of the decrease in the price of BTC,” Square said.

It is the first time that BTC revenue has exceeded fiat revenue at the online payments company. For the three months to March 31, 2020, Cash App fiat revenue amounted to $222 million, bringing total sectoral revenue to $528 million.

At $7 million, bitcoin-related profit accounted for just 3.8% of Cash App gross profit of $183 million. That compares with $8 million earned for the whole of 2019.

Square said total revenue for the three months climbed 44% to $1.38 billion from a year earlier. Net quarterly loss expanded to $106 million from $38 million last year.

The company reported a net income of $391 million…