According to the published financial report of the company Square, in the second quarter, the revenue from the sale of bitcoins through the Cash App was $ 125 million, which is almost twice as much as in the first quarter.
“In the second quarter, the rise in Bitcoin value predictably led to an increase in trading volume, which, in turn, increased our revenue from the sale of the first cryptocurrency almost doubled – gross profit was $ 2 million,” the report said.
The total Cash App revenue for the second quarter was $ 260 million. At the same time, $ 122.9 million was spent on the purchase of cryptocurrency. For comparison, in 2018, Square sold bitcoins for $ 166 million. net profit was $ 832,000.
“After Square added the opportunity to buy Bitcoin through the Cash App, its products became more attractive to potential customers. They don’t earn a lot of money, but they increase the number of users involved, ”said Chris Brendler, senior research manager at CB Insights.