Square’s Cash App derived half of its fourth-quarter revenue from Bitcoin (BTC) services.
According to a shareholder letter published on Feb. 28, Bitcoin revenue amounted to $178 million during the fourth quarter of 2019, while combined non-Bitcoin revenue totaled $183 million.
In total Bitcoin accounted for more than half a billion dollars of revenue across 2019, equating to around $8 million in profits. That’s up from $1.7 million the previous year.
The figures show that Bitcoin is increasing in popularity with smaller retail investors on the peer-to-peer payments app, with the last quarter accounting for almost 40% of Square's Bitcoin revenue for the year.
Cash App — from Twitter CEO Jack Dorsey’s firm Square — is currently the second most-used finance app on Google Play, and the 23rd-most used app on the platform overall. It also offers fee-free free stock trading for its 24 million active users.
Average crypto spend users doubles in one year
They’re not major players on Cash App however, with each user conducting $7.42 worth of monthly BTC trades on average. Still, that’s twice as much as December 2018, when the average user generated $3.50 in Bitcoin trades a month. Read More