Square BTC revenue high in Q1 2019 with overall crypto profits low

02 May, 2019
by Colin Hawkins
Square BTC revenue high in Q1 2019 with overall crypto profits low

Payment processing giant, Square, in a letter to shareholders outlining Q1 2019 financial figures, disclosed that they saw a new revenue high from Bitcoin sales through their Cash app. Profits from Bitcoin sales remained low however.

In the unaudited letter, Square revealed that in Q1 of 2019 their total net revenue grew by 43% year over year, totalling $959 million. Of that in Bitcoin, their Bitcoin revenue totalled $65.5 million, with their Bitcoin costs for the same period totalling $64.7 million. This means that their overall BTC profits amounted to just over $800,000.

Comparing these numbers to Q4 of 2018, Square had a total net revenue of $933 million, and $52 million of that being their Bitcoin revenue. Their BTC costs equalled $51.9 million that quarter as well.

Bitcoin trading via Square has been available since February 2018, and since then they added BTC to their point of sale network, so any merchant using the square system could set up the ability to accept Bitcoin as form of payment.

Square and Twitter CEO and Crypto enthusiast Jack Dorsey, announced in March that the Square team was looking to add crypto engineers to their team. Square additionally offered to pay any engineers interested in the position at Square, in Bitcoin. Dorsey’s explanation for offering to pay wages in BTC is based on his intention “to make the broader crypto ecosystem better,” by contributing to the crypto community.

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