Cryptocurrency

Square app Cash with Bitcoin

The industry of the applications of digital payments continues to grow. The proof of this is what has happened with Cash, the app from Square, and their quarterly earnings in Bitcoin. Click here for details.

Cash from Square generated US$ 875 million in the second quarter of 2020

Square recently unveiled the gross earnings of Cash during the second quarter of 2020. In the same way, got to know that this application generated US$ 17 million in gross profits of Bitcoin during the same time.

The presentation of the Square indicates that “The application Cash generated US$ 875 million of revenue in Bitcoin, and$ 17 million of gross profit from BTC during the second quarter of 2020, an increase of 600% and 711% year-over-year, respectively.”

The volume of Bitcoin in the app, along with the gross profit benefited from an increase in the assets of BTC and the increase of the demand of the customers.

The growth of the volume of Bitcoin on the application of Square Cash, continues to grow. The gross proceeds from the sales of Bitcoin increased by 150% since the first quarter of 2020. Source: Square

According to the graph shown above, we can see the remarkable difference between the first quarter of this year. In that period, Cash revenues in BTC equivalent to US$ 306 million. Also, there is talk of that in this first quarter were$ 7 million in gross profits from Bitcoin.

What other data highlighted in this report on Cash?

In their report they also ensured to share the profits in gross Square in Bitcoins. In addition to a proportion of the gross profits general of the company.

With regard to June, Square experienced a considerable growth in the volume of transactions per active clients of the application Cash. Some means to perform the transactions were payments peer-to-peer, card cash and investments in Bitcoins.

The sales of Bitcoin in the application Cash increase its contribution to the total profit gross of the company. Source: Square

However, in the same report the company recognizes that such an increase could have been driven by the encouragement of the government and the bonds of unemployment. Therefore, it may be that these factors are either present or not present in the same levels during the remainder of the third quarter.

This Square celebrates the growth of Cash, but understand that the context is not the usual, as to assume that it will remain this way the rest of the year. While the world’s economies are still struggling to overcome the crisis, some companies such as this provide answers and offers that allow them to grow even in the midst of adversity.

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About the author

Belinda Carey

Belinda Carey

A finance girl by education, Belinda has been drawn to cryptocurrencies ever since Bitcoin first emerged in the 2009. Nearly a decade later, Belinda is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies.

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