As Yahoo Finance reported, the $26 billion market cap payments company which was founded by Jack Dorsey and Jim McKelvey in 2009 managed to rise by 72% stock-wise and ramp up its shares 170% through the end of September before the wider market downturn.
Square was also the first company that announced it would release a BTC trading option to a select 3 million of its Square Cash App customers, which caused its stock to jump $1 billion in only five days. The same happened when the company rolled out support for BTC trading for customers across a more extensive range of US states this February.
The lead at the cash app Brian Grassadonia told Yahoo Finance in a separate report that the stock surge was not the main reason that the firm introduced BTC support. However, it emphasized that the choice stemmed from the company’s commitment to “democratizing access to financial tools that have historically been really complicated, intimidating, and stressful.”
In November 2018, Square reported that it had generated $43 million in Bitcoin revenue for Q3 of 2018 which is up from $37 million in the previous quarter.
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