Credit: Eivind Pedersen – Pixabay
From a letter sent to shareholders of the American company Square, the functionality of bitcoin trading of the application CashApp generated a turnover of $ 306 million in Q1 2020, compared to $ 222 million for its fiat services.
The profit is however very much lower on its Bitcoin activity. Indeed, only $ 7 million profit against 178 million dollars for its other services. The "Bitcoin profit" nevertheless recorded strong growth (8 million dollars in total in the year 2019).
Bitcoin Q1 2020 revenue increased $ 240.6 million or 367%, compared to the quarter ended March 31, 2019. This increase is due to the growth in the number of Bitcoin customers, ”can we read in the document.
In Q4 2019, the firm of the CEO of Twitter, Jack dorsey, had a turnover of 178 million dollars for its Bitcoin activity.
The American entrepreneur is also behind the project Square Crypto which focuses on adopting the industry’s first cryptocurrency.
Recently, its crypto-subsidiary announced a Lightning development kit. It also awarded grants to two developers working on Bitcoin.
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