Square Cash App bitcoin sales topped a record

Posted 07 November, 2019

Once again, fintech giant Square has shocked the Bitcoin industry with its latest earnings report. Square posted a record $148 million in quarterly bitcoin sales for the third quarter of 2019, up ~20% on volumes from last quarter, and up more than 245% since Q3 2018. It's another bitcoin sales record for Square Cash App. Information about this was presented in the company's report.

"We are increasing the upper end of our full year 2019 total net revenue guidance by $110 million due to underlying trends in our Seller and Cash App businesses, as well as bitcoin outperformance in the third quarter." - written in a letter.

Square also noted that first-time bitcoin buyers have "approximately doubled" since the redesign. In September, Square redesigned the Cash App to reflect the popularity of Bitcoin and Cash Card. After the release of the new version of the application, the number of BTC buyers who first invested in crypto assets doubled. In addition, Square began to charge a fee of 1.75% for the purchase of bitcoin in its Cash App. 

Recall, Square has been selling BTC since November 2017. In early August of this year, representatives of the application announced that they were able to double the revenue for the implementation of BTC.

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07 November, 2019 13:41

← Micree Zhan takes legal action to Bitmain

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07 November, 2019 10:26

Hong Kong issues new rules for crypto exchanges →

 

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