Square, where Jack Dorsey is CEO, announced that he sold $ 875 million in Bitcoin to his customers through the Cash App.
San Francisco-based payment company Sqaure announced that it received $ 875 million in revenue from Bitcoin sales to Cash App customers in the second quarter of 2020. This amount is exactly 6 times of the same period of 2019.
Stating that he achieved a small profit margin from the sale of Bitcoin, the company still made $ 17 million in profit during the second quarter. This amount is 711% more than a year ago.
Square has also been offering Bitcoin service on Cash App since November 2017. Bitcoin accounted for only 5 percent or $ 34 million of the company’s revenue in the first quarter of 2018, while that amount increased to $ 65.5 million a year later. In the fourth quarter of 2019, Square’s Bitcoin revenue reached $ 178 million and in the first quarter of 2020 it was $ 306 million, $ 100 million more than revenue from fiat money services.
As it is known, after the collapse in mid-March, Bitcoin experienced a striking rally. The largest cryptocurrency by market value rose from $ 3,700 to $ 12,000. This increase also led to the growth of the user and investor base of Bitcoin. Square also seems to have had its share of this growing interest in Bitcoin.
The CEO of Square is Jack Dorsey, who is also the CEO and founder of Twitter. Dorsey is a Bitcoin-savvy name. Dorsey, which is known to buy a certain amount of Bitcoin regularly every week, also includes 7 developers within Square that only work to develop Bitcoin.