{"id":52103,"date":"2020-11-08T09:00:58","date_gmt":"2020-11-08T09:00:58","guid":{"rendered":"https:\/\/www.cryptocabaret.com\/?p=52103"},"modified":"2020-11-08T09:00:58","modified_gmt":"2020-11-08T09:00:58","slug":"cash-apps-bitcoin-revenue-soars-1000-to-1-63-billion-in-q3-square-announces","status":"publish","type":"post","link":"https:\/\/www.cryptocabaret.com\/?p=52103","title":{"rendered":"Cash App\u2019s Bitcoin Revenue Soars 1,000% to $1.63 Billion in Q3, Square Announces"},"content":{"rendered":"

\"Cash<\/p>\n

Cash App, a mobile payment service of Square Inc., generated more than $1.63 billion in bitcoin revenue in Q3 2020, which is an increase of more than 1,000% over the same period last year. The company recently invested 1% of its total assets, or $50 million, into bitcoin.<\/strong><\/p>\n

Cash App\u2019s Bitcoin Revenue Soars<\/h2>\n

Square Inc. released its Q3 2020 earnings report on Thursday. The NYSE-listed (NYSE: SQ) company with a market capitalization of $86 billion provides software and hardware payments products and small business services. Its CEO Jack Dorsey also co-founded Twitter. Square\u2019s flagship mobile payment service, Cash App, launched bitcoin trading in 2018 to enable users to buy and sell BTC<\/a>. The company wrote:<\/p>\n

\n

Cash App generated $1.63 billion of bitcoin revenue and $32 million of bitcoin gross profit during the third quarter of 2020, up approximately 11x and 15x year over year, respectively.<\/p>\n<\/blockquote>\n

\u201cBitcoin revenue and gross profit benefited from an increase in bitcoin actives and volume per customer,\u201d the report adds.<\/p>\n

Cash App\u2019s bitcoin revenue for the three months ending Sept. 30 this year was $1,633,764, compared to $148,285 generated during the same period last year, representing an increase of 11x or about 1,002%. This was a significant improvement<\/a> from the Q2 performance when the company reported that Cash App\u2019s bitcoin revenue surged 600% and profits rose 711%.<\/p>\n

In addition, Square\u2019s bitcoin revenue represents about 54% of the company\u2019s net revenue of $3,033,874, according to its consolidated earnings statement. As a separate segment, Cash App generated $2,068,595 in revenue in Q3, 80% of which were from bitcoin.<\/p>\n<\/p>\n

The San Francisco-based company explained that it counts \u201cthe total sale amount of bitcoin to customers\u201d as bitcoin revenue and the total BTC<\/a> amount it purchases to facilitate customers\u2019 access to the cryptocurrency as bitcoin costs. Moreover, it applies \u201ca small margin to the market cost of bitcoin\u201d when customers buy the cryptocurrency through Cash App.<\/p>\n

Square Inc. recently made a significant investment<\/a> in bitcoin, putting about 1% of the company\u2019s total assets or about $50 million into the cryptocurrency. Square\u2019s decision to invest in BTC<\/a> followed another public company, Microstrategy, putting about half a billion dollars into bitcoin and making the cryptocurrency its primary Treasury reserve<\/a> asset. Square declared:<\/p>\n

\n

We invested $50 million in bitcoin as we believe cryptocurrencies are an instrument of economic empowerment and aligns with the company\u2019s purpose. We expect to hold this investment for the long term.<\/p>\n<\/blockquote>\n

Do you buy bitcoin on Cash App? Let us know in the comments section below.<\/strong><\/em><\/p>\n

The post Cash App\u2019s Bitcoin Revenue Soars 1,000% to $1.63 Billion in Q3, Square Announces<\/a> appeared first on Bitcoin News<\/a>.<\/p>\n

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Cash App, a mobile payment service of Square Inc., generated more than $1.63 billion in bitcoin revenue in Q3 2020, which is an increase of more than 1,000% over the same period last year. The company recently invested 1% of its total assets, or $50 million, into bitcoin. Cash App\u2019s Bitcoin Revenue Soars Square Inc. […]<\/p>\n","protected":false},"author":2,"featured_media":52104,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[309],"tags":[],"class_list":["post-52103","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts\/52103","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=52103"}],"version-history":[{"count":0,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts\/52103\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/media\/52104"}],"wp:attachment":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=52103"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=52103"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=52103"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}