Square, a payment company, generated $ 125 million in Bitcoin (BTC) revenue in the second quarter (Q2) of 2019 through its mobile payment service, Cash App.
Square released information in the company’s Q2 2019 shareholder letter on August 1. According to the letter, the company’s Bitcoin revenue benefited in part from the number one cryptocurrency price increase during the quarter. As a result of this price growth, there has also been an increase in the volume of Bitcoin, they said. This generated a gross profit of $ 2 million for the company.
Cash App earns $ 135 million in subscription, service and transaction-based income. This means that Bitcoin revenue gives the company more than 92% of the amount obtained by Square through subscriptions, services, and transaction revenue alone.
In its 1st Quarter 2019 Square report in May, the company revealed that they achieved new high revenue from Bitcoin sales through the Cash App, with Bitcoin revenue being stated at $ 65.5 million. This means that Square has more than doubled Bitcoin revenue compared to the previous quarter.
Previously, Steve Lee, a project manager in the Square crypto branch – Square Crypto – strongly emphasized the company’s trust in Bitcoin in the “ask any question” session on Twitter. Lee wrote that the company was “very, very pro-Bitcoin.”
Square also recently released the Bitcoin deposit feature on the Cash App at the end of June. This allows Bitcoin users to deposit their assets from an external wallet into the Square payment application. However, the announcement warns that there will be some restrictions – the $ 10,000 limit in the form of Bitcoin per seven days, and waits for several hours to confirm the deposit via the blockchain.