The payments company Square doubles BTC revenue, generating $125 million in Bitcoin (BTC) revenue in the second quarter of this year alone, the latest cryptocurrency news show. The entire revenue was made through the mobile payments service Cash App.
The information was released in the company’s Q2 2019 shareholder letter published on August 1. As the letter shows, the company’s Bitcoin revenue benefited mostly from the price of the number one cryptocurrency. The news that Square doubles BTC revenue in two quarters alone spread like wildfire – which also triggered an increased volume of Bitcoin, as the company showed.
In the altcoin news, we can see that the Cash App obtained the $135 million in subscription, services as well as transaction-based revenue. In other words, the Bitcoin revenue granted the company more than 92% of the quantity that Square obtained through subscription, services as well as transaction revenue alone.
The Square Q1 report published in May this year showed that the company achieved a new revenue high from its Bitcoin sales through the Cash App – stating a Bitcoin revenue of $65.5 million. This means that with the Q2 2019 report, Square doubles BTC revenue compared to the preceding quarter.
As we previously reported in our coming altcoin news, Steve Lee, who is a project manager at Square’s crypto branch (Square Crypto) has emphasized the company’s belief in Bitcoin. In an Ask Me Anything (AMA) session on Twitter, Lee said that the company is moving ahead with a “very, very pro-Bitcoin” sentiment.
What was also published by many best cryptocurrency news sites is the Bitcoin deposits feature which Square introduced on its Cash App in late June. The news that Square doubles BTC revenue may also come from this – which is actually a feature that enables Bitcoin users to deposit their assets from external wallets into the Square payments app. Still, the announcement also cautioned that there would be some limitatons to this feature – mainly a cap of $10,000 in Bitcoin per seven days and waiting time of up to several hours in order to confirm the deposits through blockchain.
Currently, the value of Bitcoin is up as BTC is trading near $10,500 with a 5.44% increase on the day at press time.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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