- Square reported $306 million in Bitcoin revenue in 2020 Q1
- Bitcoin accounted for 58% of Square Cash App’s revenue
Square, a popular mobile payments processor, reported $1.3B in 2020 Q1 revenue, of which $306 million was from Bitcoin. Furthermore, Bitcoin accounted for 58% of Square’s Cash App revenue. Square Cash App is a mobile app that allows users to transfer funds. The app also allows users to purchase Bitcoin using funds in the app, taking a fee in the process.
According to the earnings release, Square Cash App’s Bitcoin revenue is up 370% YOY (year-over-year) with 2020 Q1 revenue of $241 million more than 2019 Q1. The company made a profit of $7 million on Bitcoin fees.
Cash App revenue included $306 million in bitcoin revenue during the quarter, which benefited from an increase in transacting active bitcoin customers and growth in customer demand as a result of the decrease in the price of bitcoin.Square Earnings Release
Furthermore, the app as seen increased levels of engagement, despite Bitcoin’s price decreases. The drastic increase in Bitcoin usage through the platform shows that adoption is increasing, despite a price decline.
With Bitcoin accounting for 22% of the payment giant’s entire revenue, it won’t be surprising to see other financial intuitions following suit.
Square Helps Distribute COVID-19 Stimulus
Square’s Cash App is a mobile payment service that allows businesses and individuals to transfer funds. In addition to providing digital banking services, Americans can now use the app to access their COVID-19 stimulus checks.
In addition to Square’s Cash App, Square Capital, the companies small business lending arm, received approval to be a PPP (Paycheck Protection Program) lender. This allows small business owners to apply for emergency funds directly through Square.
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