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Square's Cash App figures show BTC adoption is increasing

09 Nov, 2018
by David Robb
News
Square's Cash App figures show BTC adoption is increasing

Payment service provider Square recently posted important figures for Q3 of 2018 in a shareholder's letter. According to the statistics, Square's Cash App has been encouraging a growth in Bitcoin adoption, up to a total of around $43 million for the period.

This figure represents a 16 percent increase from Q2 of 2018. The growth in Bitcoin revenue meant a total of $560,000 worth of profit for Square's third quarter, which is a 33 percent increase from the previous one.

This growth has coincided with a drop in the total market cap and trade volume of BTC. However, the fact that the development and maintenance of crypto support for existing payment services remains a profitable investment regardless of how the market performs is nevertheless a positive sign for future adoption of cryptocurrencies.

Square, which was founded back in 2009, started supporting BTC payments on its mobile Cash App in January of this year. Its first foray into crypto payments was in March 2017, when it started supporting Bitcoin in its Square Market tool. Square has also recently filed a patent for a cryptocurrency payment network.

Read more: Square open-sources its Bitcoin cold storage tool; Square wins patent for a "cryptocurrency payment network"

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