Altcoin News: Square Doubled Bitcoin Sales in the Second Quarter

August 2, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The payment company Square on Thursday presented a financial report for the second quarter. From it follows that revenue from the sale of Bitcoin through the Cash App application for the specified period amounted to $125 million, almost doubling compared to the first quarter.

“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,” the report says.

The total Cash App revenue for the second quarter was $260 million. At the same time, the cost of buying a cryptocurrency was equal to $122.9 million.

The first quarter was the best for Bitcoin sales for Square at that time — $65.5 million was generated, of which net profit was $832,000. The figures for the second quarter, however, significantly exceeded the previous record of the company. For comparison, Square managed to sell Bitcoins for $166 million for the whole of 2018.

According to Chris Brendler, research director at CB Insights, adding the possibility of buying Bitcoin makes Square products more attractive to potential customers.

“They don’t really make a lot of money on it, but it is driving engagement,” he explained.

Author: Marko Vidrih