Square’s app, the US financial services, and mobile payment company reported that the earnings for 2019 exceeded the market’s expectations as we can read today in the latest cryptocurrency news.
Square INC reported that the total net revenue for the second quarter increased by more than 44 percent from one year ago. One of the revenue areas that boosted the inflow was Bitcoin. According to the company’s earning’s report, the adjusted revenue increased to $562 million during the end of June this year. The company reported a $385 million in 2018. A company report announcing the results noted that the mobile payment services Square’s app has millions of engaged customers. It also shows that the Cash App is one of the key drivers for massive revenue growth.
The Cash app grew massively over the recent years and it generates even more revenue from six separate sources including Cash Card, Business Accounts, Instant Deposit, Interest on customers’ stored balances and Business accounts. In about three years, the total net revenue from Cash App increased by more than $1 million in the second quarter of 2016 to $135 million excluding BTC. Regarding the revenues that were generated by Bitcoin, the letter shows that the total revenue of $135 million which includes the subscription and services-based revenue was generated by more than $125 million with the help of bitcoin. The app proved to be very successful and gained huge support from the crypto community and especially from the community on twitter. The letter shows:
‘’During the quarter, Bitcoin revenue benefited from increased volume as a result of the increase in the price of Bitcoin, and generated $2 million of gross profit.’’
As noted in the coming altcoin news, Square’s app enhanced the Cash App to facilitate Bitcoin trading, in the same manner, Twitter and Square CEO Jack Dorsey got his first New York BitLicense on June 18 in 2018. This new license allows the app to offer bitcoin trading services in New York via the Cash app. The CEO of Square is a huge bitcoin visionary since in 2018 according to the times, Jack Dorsey predicted:
“Bitcoin will overtake the dollar in importance as it becomes the single global currency of the internet within a decade.”
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