SQUARE'S BITCOIN REVENUE SURPASSED ITS TITULAR CURRENCY REVENUE!
Interest in Bitcoin and cryptocurrencies towards the Cash app has reached a significant level.
Square, the US-based mobile app start-up firm, has managed to boost cryptocurrency revenues in nearly every quarter since it announced it supported cryptocurrency and Bitcoin (BTC) payments. Square, led by Twitter CEO Jack Dorsey, is in the spotlight for the first time in its history with cryptocurrency revenues surpassing titular money-related revenues.
The Cash App's total revenue was $ 528 million in the first quarter of the year, Square management announced Wednesday. Of that, $ 306 million comes directly from Bitcoin sales and services. The remainder, in the minority, is due to reputational money-based services.
Cash App Sets Record On Bitcoin Services
While Bitcoin sales are $ 306 million, the company appears to have made a profit of just $ 7 million. On the other hand, the company is seen to have made almost half its profit on the titular money-based services, which is $ 178 million. This suggests that the commission of the Cash App's Bitcoin Services is quite low, and the commission on transactions related to reputational money is very high.
The Cash App captured a significant earnings increase of 115% compared to the same quarter period the previous year. That suggests that interest in Bitcoin from mainstream audiences has at least doubled, at 115% on a Cash App basis. Another institution serving mainstream audiences and getting a drastic increase in Bitcoin Services was Silvergate Bank. Silvergate Bank's Bitcoin trading volume has picked up a significant 75%.