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Square's Bitcoin sales in the second quarter grew by 240%

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Square

On August 1st, the startup payment company Square announced its second-quarter earnings, with its cash app reaching a Bitcoin sales volume of $125 million, nearly double the volume from the first quarter.

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Square allows users to buy and sell Bitcoin through its Cash App, expanding to all 50 states in the US in August 2018 and obtaining a BitLicense in New York.

The company's latest earnings report indicates that Bitcoin revenue in the second quarter benefited from the rising Bitcoin price, with a quarterly profit of $2 million, a growth of over 240% since the second quarter of 2018.

Source: theblock

Square, launched by Twitter co-founder Jack Dorsey, saw Bitcoin revenue nearly doubling from the previous record in the second quarter of 2019, accounting for almost half of its Cash App total revenue.

During the earnings call on August 1st, Dorsey stated:

We love you, Bitcoin.

Dorsey has been a long-time supporter of Bitcoin, previously stating that it is the only cryptocurrency he holds.

The first quarter of 2019 was Square's best quarter for Bitcoin before, with revenue of $65.5 million and a profit of $832,000. However, the second quarter saw revenue of $125 million, representing significant growth for the company. In comparison, Bitcoin revenue in 2018 was only $166 million.

During an AMA (ask-me-anything) event on Twitter held by Square on July 30th, the company reiterated its stance:

Bitcoin is our only focus product, it has been running stably for over 10 years, and we have a lot of work to do before it achieves widespread adoption.

Chris Brendler, Senior Research Director at market intelligence firm CB Insights, noted:

They are not really making a lot of money, but are driving more users to use it.

As previously reported by ABM, the Square App launched an activity on Twitter asking fans to design a new symbol for satoshi. The Twitter community responded enthusiastically with dozens of designs, and soon, the smallest unit of Bitcoin, satoshi 0.00000001 BTC, may have its own unique symbol.

Further Reading

  • The US Department of Defense is actively testing blockchain technology to enhance security
  • Former bank executives state: The world cannot ignore Bitcoin's display in politics

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