Square: Cash Application Bitcoin Revenue Grows
Square’s cash generated $ 875 million in the second quarter of 2020, of which a significant percentage comes from Bitcoin revenue. The digital payment applications industry continues to grow. The proof of this is what has happened with Cash, the Square app, and its quarterly earnings in Bitcoin. Find out the details here.
Square Cash generated $ 875 million in the second quarter of 2020
Square recently disclosed Cash’s gross earnings during the second quarter of 2020. Similarly, they disclosed that this app generated $ 17 million in gross Bitcoin earnings during the same time.
Square’s presentation indicates that “The Cash app generated $ 875 million of Bitcoin revenue and $ 17 million of gross BTC earnings during the second quarter of 2020, an increase of 600% and 711% year-over-year, respectively” . Bitcoin’s volume on the app, along with gross earnings, benefited from an increase in BTC assets and increased customer demand.
Bitcoin volume growth on Square’s app Cash continues to grow. Gross profit from Bitcoin sales increased by 150% from the first quarter of 2020. Source: Square
Based on the graph shown above, we can see the noticeable difference between the first quarter of this year. In that period, Cash registered revenues in BTC equivalent to US $ 306 million. Likewise, it is said that in this first quarter they had US $ 7 million in gross Bitcoin earnings.
What other information is highlighted in this report on Cash?
In their report they also made sure to share Square’s gross earnings on Bitcoins. In addition to a proportion of the company’s overall gross profit.
Compared to June, Square experienced considerable growth in the volume of transactions by active customers of the Cash application. Some means to carry out the transactions were payments between pairs, cash card and investments in Bitcoins. However, in the same report, the company acknowledges that such increase may have been driven by government stimulus and unemployment bonuses. Therefore, these factors may or may not be present at the same levels during the rest of the third quarter.
In this way, Square celebrates the growth of Cash but they understand that the context is not the usual one, as to assume that it will continue to be this way for the rest of the year. While the world’s economies continue to struggle to overcome the crisis, some companies like this provide answers and offers that allow them to grow even in the midst of adversity.
Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.