Square Reports 600% Growth in Bitcoin Revenue in Q2 2020

0


Square Inc., the fintech company owned by Jack dorsey Twitter, released the quarterly report for the second quarter of 2020. The company reported $ 1.92 billion in revenue during the latest quarter, an increase of 64% year-over-year. Gross profit and net income were reported $ 597 million and $ 11 million. But the most critical part of the report for the cryptocurrency ecosystem is the revenue Square generates by offering Bitcoin services.

Bitcoin revenue growth for Square

Total net income for Square Inc in the second quarter of 2020 was $ 1.92 billion, but excluding Bitcoin revenue, it is $ 1.05 billion. The company adds revenue of Bitcoin to show their focus on trying to make Bitcoin available to everyone. The Bitcoin revenue in the Square report is the total amount of bitcoin sold to customers.

Cash App is a Square product that provides you with Bitcoin income. The application offers multiple financial services to users, including direct deposits, Boost, P2P payments, and Bitcoin investments. It experienced considerable growth in user attraction in the last quarter. These new customers and increased usage among existing customers have resulted in a massive increase in Bitcoin revenue on the Cash app.

Jack Dorsey is one of the most serious supporters of Bitcoin. Try to promote the cryptocurrency ad as much as possible with new services for regular customers. So bitcoin plays a vital role in your company's operating plan.

“We deduct bitcoin revenue because our role is to facilitate customer access to bitcoin. When customers buy bitcoin through the Cash app, we only apply a small markup to the market cost of bitcoin, which tends to be volatile and out of our control. Therefore, we believe that deducting bitcoin income better reflects the economic benefits as well as our performance from these transactions., according Square's report.

Bitcoin revenue and Cash App gross profit posted double growth in the latest quarter. Revenue increased 600% to $ 875 million, and gross profit grew 711% to $ 17 million. Square believes that more customers are reaching the Bitcoin and cryptocurrency ecosystem, and activity has been on the rise in recent months.


If you found this article interesting, here you can find more bitcoin news



Leave A Reply

Your email address will not be published.

2 × five =