Square’s Cash App Bitcoin Revenues Continues To Grow In Q1 2019
U.S. payments platform Square posted new revenue highs in Bitcoin (BTC) sales via the company’s crypto service Cash app.
However, a shareholders’ letter summarizing the firm’s Q1 2019 financial figures disclosed that profits from its bitcoin sales did stay low.
Through its unaudited letter published recently, the payment platform disclosed that in the first quarter of 2019, its total net revenue went up by 43 percent year over year, totaling over $959 million.
Of that amount, bitcoin revenue brought in $65.5 with bitcoin costs amounting to $64.7 million in the same time frame. This means that the sum total in bitcoin (BTC) profits were about $830,000.
The company’s 2018 fourth-quarter results revealed that its total net revenue was $933 million in which $52 million came from bitcoin revenue. During the same period, the total bitcoin costs were $51.9 million.
The bitcoin profits registered in the first quarter of 2018 showed that the firm’s revenue had grown by 80 percent by Q4 of last year.
The Square Cash app, which allows users to send and receive fiat currency from the mobile payment platform, announced it would be launching its Bitcoin trading services at the end of January last year.
At the time, the company announced that the offering would be accessible by all of its users in all U.S. jurisdictions apart from residents of New York, Hawaii, Georgia, and Wyoming.
The BTC trading services have been available since February 2018. Square’s technology allows for the functionality of using the point of Sale network. The availability of this feature means that any merchant utilizing the company’s payment service is able to accept bitcoin payments for goods and services.
Jack Dorsey, the CEO of Square and Twitter, announced in March that the payment firm would be looking to hire several crypto engineers and that this crop of employees would be paid in bitcoin.
He further noted that introducing crypto payments was intended at helping the cryptocurrency ecosystem to grow and that this would be a big effort towards developing the bitcoin community.
Meanwhile, leading BTC payments processor BitPay announced earlier this year that the company had registered $1billion worth of transactions in 2018. It represented a new high for the startup.
The Atlanta-based company’s chief executive noted late last year that bitcoin has the potential to hit mass adoption levels within the next five years.
And in November, BitPay COO Sonny Singh gave a bullish prediction for Bitcoin. Singh stated that that the crypto’s price would rally in 2019 to hit new highs of close to $20,000.
Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.