Bitcoin sales brought Square $ 875 million
Square Raised $ 875 Million in Bitcoin Sales via Cash App
The growth in indicators is largely due to payments by the US government amid the pandemic
Square figures confirm the growth and development of the cryptocurrency market
International consortium of news organizations developing transparency standards.
Fintech giant Square reported that in the second quarter, Bitcoin revenues were $ 875 million. The company managed to achieve this figure mainly due to its Cash App service, through which users buy and sell bitcoins..
Thus, the quarterly growth, which turned out to be a record, amounted to 186% compared to January-March, and in annual terms, the indicator jumped by as much as 600%..
During the same period, the company’s gross profit in bitcoins was $ 17 million, which is 143% higher than in the first quarter. Recall that in the first quarter, the Cash App brought Square $ 306 million in sales of the main cryptocurrency.
The report also mentions that the financial results of the fintech company in the second quarter could be affected by supporting payments amid the COVID-19 pandemic:
During the reporting period, we saw an increase in the volume of active transactions on Cash App for P2P payments, Cash Card cards and investments in Bitcoin in monthly terms. We understand that this growth was partly driven by government payments, including unemployment benefits, which means that in the second half of the year we may not see such high results..
Square is considered one of the most crypto-friendly financial institutions. The company not only realizes a significant inflow of capital into the Bitcoin ecosystem, but also supports its further development through a grant program for community members.
The fintech giant continues to reap the rewards of its reputation, noting that in the second quarter of this year it benefited from increased Bitcoin trading activity and an increase in consumer demand, which the company considers appropriate and quite logical given the events of recent months..
In fact, Square’s results serve as further proof that the growth of cryptocurrency markets continues to gain traction..
The bitcoin rate has grown well in trading on Wednesday, reaching the $ 11,700 area after the recent fall below the $ 11,000 mark. Now that the main cryptocurrency has recovered from the collapse, the focus of buyers’ attention is again shifting towards the $ 12,000 level.
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