Bitcoin income, as per the letter, rose in portion from the price appreciation of the numero uno cryptocurrency during the quarter. There has also been a proportionate increase in Bitcoin trading volume as a consequence of this price rally. This enabled the business to gross profit of $2 million.
Cash App earned $135 million in revenue based on subscriptions, utilities and transactions. This implies that Bitcoin revenue gave the enterprise over 92 % of the volume acquired by Square alone through membership, facilities and revenue from transactions.
Back in May, in its Q1 2019 report, Square revealed that it generated a record revenue of $65.50 million from Bitcoin sales through Cash App. This implies that Bitcoin revenue of Square more than doubled compared to the earlier quarter.
Specifically, Steve Lee, a project head at crypto division of the company (Square Crypto), stressed the company’s faith in Bitcoin in “ask me anything” on Twitter. Lee stated that the firm was “very,very pro-Bitcoin.” In early June, on Cash App, Square also included a feature that allows Bitcoin deposits.
This has made it possible for Bitcoin investors to move their assets from other unrelated wallets into the payment app of Square. The announcement, nevertheless, warned that there might be some restrictions— a ceiling of $10,000 in Bitcoin per week, and waiting period of up to several hours to approve the transactions through blockchain.