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Payment Company Square Doubles Revenue From Bitcoin in Q2

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August 2, 2019 | 

940 Views | 

Darryn Pollock | 

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Square, the payment company headed up by Bitcoin enthusiast and Twitter CEO Jack Dorsey, announced that its revenue from Bitcoin on its platform doubled through the second quarter of 2019 in comparison to Q1.

In the last three months, Square raked in $125 million by offering Bitcoin trading on its mobile payments app. This is a significant increase from the beginning of the year and could be down to a number of factors. 

Bitcoin has been on the rebound after a disastrous 2018 and has attracted a lot more interest from investors. Moreso, Square is also increasing its usage and work with Bitcoin with a project manager at Square’s crypto branch — Square Crypto — heavily emphasized the company’s belief in Bitcoin on a Twitter AMA.

Thanks to the rally

In their letter to shareholders, where Square made this announcement of doubled revenue, they also outlined the rally in the price of Bitcoin as one of the catalysing factors. Because of the increase in price, there was a boost in volume, and for a payments platform with a cryptocurrency arm, more volume means more revenue. 

The mobile Cash App obtained $135 million in subscription-, services- and transaction-based revenue, according to the letter. Astonishingly, this means that Bitcoin revenue accounted for over 92 percent of the quantity that Square obtained through this revenue alone.

Q1, despite being half of this reported figure, was still a record breaking one for the app as it achieved a new revenue high from Bitcoin sales of $65.5 million.

Loving Bitcoin

It is understandable as to why Square is so bullish on Bitcoin after reading the revenue figured garnered by offering the cryptocurrency However, their praise has over the top recently. 

In reaction to the revenue earned, Dorsey wrote:

“We love you, Bitcoin. we saw 3.5 million customers use Cash Card in June, typically using it to purchase multiple times per week. Our seller and Cash App ecosystems have incredible roadmaps ahead to deliver on our purpose of economic empowerment.”

The direction that Square seems to be heading also may be based heavily on Bitcoin. Steve Lee, the project manager at Square, essentially admitted so in his tweets, stating that Square was “very, very pro-Bitcoin.”

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