Square Crypto Lead: ‘The product we’re focusing on is Bitcoin’

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Square Crypto Lead: ‘The product we’re focusing on is Bitcoin’

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Source: bitcoinwarrior
This Week in Cryptos: Square ups Bitcoin Sale While Walmart zeros down on stablecoin

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Square’s App Almost Doubled Bitcoin-Generated Revenues

square's app


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’s , the US financial services, and mobile payment company reported that the earnings for 2019 exceeded the market’s expectations as we can read today in the latest cryptocurrency news.

Square INC reported that the total net revenue for the second quarter increased by more than 44 percent from one year ago. One of the revenue areas that boosted the inflow was . According to the company’s earning’s report, the adjusted revenue increased to $562 million during the end of June this year. The company reported a $385 million in 2018. A company report announcing the results noted that the mobile payment services Square’s app has millions of engaged customers. It also shows that the App is one of the key drivers for massive revenue growth.

The Cash app grew massively over the recent years and it generates even more revenue from six separate sources including Cash Card, Business Accounts, Instant Deposit, Interest on customers’ stored balances and Business accounts. In about three years, the total net revenue from Cash App increased by more than $1 million in the second quarter of 2016 to $135 million excluding . Regarding the revenues that were generated by Bitcoin, the letter shows that the total revenue of $135 million which includes the subscription and services-based revenue was generated by more than $125 million with the help of bitcoin. The app proved to be very successful and gained huge support from the community and especially from the community on . The letter shows:

‘’During the quarter, Bitcoin revenue benefited from increased volume as a result of the increase in the price of Bitcoin, and generated $2 million of gross profit.’’

As noted in the coming altcoin news, Square’s app enhanced the Cash App to facilitate Bitcoin trading, in the same manner, Twitter and Square CEO Jack Dorsey got his first New York BitLicense on June 18 in 2018. This new license allows the app to offer bitcoin trading services in New York via the Cash app. The CEO of Square is a huge bitcoin visionary since in 2018 according to the times, Jack Dorsey predicted:

 “Bitcoin will overtake the dollar in importance as it becomes the single global currency of the internet within a decade.”

The post Square’s App Almost Doubled Bitcoin-Generated Revenues appeared first on DC Forecasts – Leading Digital Currencies.


Source: dcforecasts
Square’s App Almost Doubled Bitcoin-Generated Revenues

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Square Doubles Bitcoin Revenue in Q2 2019

Payment company reported earnings on August 1, 2019, revealing that it received $125 million in revenue for the second quarter of the year through .

“During the quarter, bitcoin revenue benefited from increased volume as a result of the increase in the price of bitcoin, and generated $2 million of gross profit,” the report explains.

Bitcoin, cryptocurrency’s largest asset by market capitalization, began the quarter trading at $4,134, then it started a parabolic run that saw it cross the $10,000 mark before meeting some resistance.

Square’s 2 report sees a jump in its revenue and profits from the last quarter. The payment startup’s Q1 earnings were reported at $65.6 million in bitcoin and $832,000 in profit.

Square started offering barebones bitcoin trading services in 2018, where users could buy, sell and withdraw . Once it saw the demand, it started accepting bitcoin deposits in 2019.

The post Square Doubles Bitcoin Revenue in Q2 2019 appeared first on Bitcoin Magazine.


Source: bitcoinmagazine
Square Doubles Bitcoin Revenue in Q2 2019

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Square’s Cash App Doubles Its Bitcoin-Generated Revenues

jack dorsey casa node

, Inc., a U.S. financial services and mobile payment company, reported 2019 second-quarter earnings, beating the market’s expectations. The company’s total net revenue for the second quarter grew 44% from one year ago. One of the revenue areas contributing to Square’s results was .


Has “Millions of Engaged Customers”

According to the company’s earnings report, adjusted revenue increased to $562.8 million during the quarter ending June 30, 2019. A year ago, the company reported revenues of $385.4 million.

A company letter announcing the financial results highlighted that the mobile payment service Cash App has “millions of engaged customers.” It also pointed to Cash App as one of the key drivers for the strong revenue growth.

Indeed, Cash App has grown considerably over in recent years. It generates revenue from six separate sources, which Square details as follows:

1. Instant Deposit
2. Cash Card
3. Business Accounts
4. P2P transactions funded with a credit card
5. Bitcoin
6. Interest on customers’ stored balances

The letter highlights Cash App’s success,

In three years, total net revenue from Cash App increased from approximately $1 million in the second quarter of 2016 to $135 million, excluding , in the second quarter of 2019.

Bitcoin-Generated Revenue Was $125 Million

Regarding revenues generated by Bitcoin, the letter notes that of the total revenue of $135 million, which includes subscription and services-based revenue as well as transaction-based, $125 million was Bitcoin-generated revenue.

The letter specifies,

During the quarter, Bitcoin revenue benefited from increased volume as a result of the increase in the price of Bitcoin, and generated $2 million of gross profit.

In 2018, Square enhanced Cash App to facilitate Bitcoin trading. In this regard, and Square CEO Jack Dorsey obtained a New York BitLicense on June 18, 2018. The BitLicense allows Square to offer Bitcoin trading services in New York via its Cash app.

Square’s CEO is a Bitcoin visionary. In 2018, according to The Times, Jack Dorsey predicted,

“Bitcoin will overtake the dollar in importance as it becomes the single global currency of the internet within a decade.”

What do you think about the peer-to-peer and Bitcoin payment services offered by Square’s Cash App? Let us know in the comments below.

________________________________________________________________

Images via Square Inc. , Shutterstock

The post Square’s Cash App Doubles Its Bitcoin-Generated Revenues appeared first on Bitcoinist.com.


Source: bitcoinist
Square’s Cash App Doubles Its Bitcoin-Generated Revenues

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Square Boosts Bitcoin (BTC) Buying through Cash App

The latest quarterly earnings reveal significant investments into the , which is also boosting purchases.
Source: cryptovest
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Square Q2 Report: Cash App Bitcoin Sales Records $125 Million Doubling Q1 Sales

Coinspeaker
Square Q2 Report: Cash App Bitcoin Sales Records $125 Million Doubling Q1 Sales

The Square financial services and payment company has just announced second-quarter report for 2019. According to the report, ’s pulled in $125 million in revenue from Bitcoin alone.

The report, dated August 1, details all of Square’s activity for the second quarter, specifically mentioning that Cash App pulled in the $125 million figure from alone, making up half of the app’s total $260 million revenue for the quarter. The report indicates that the surge was recorded mostly as a result of the Bitcoin price rally that excited the cryptosphere, beginning in April. This increase also surged the company’s transacted volume, reaching a $2 million recorded gross profit from Square.

Comparison with Earlier Figures

In comparison, Square’s Cash App pulled in $65.5 million from Bitcoin transactions in the first quarter, with an $832,000 profit. This means that the 2 figure is a significant improvement over the 1 report published in May. The improvement is highlighted better when it is considered that Square’s Bitcoin sales figure for the entire 2018 was $166 million. This directly means that Square’s 2019 first half has already outdone its entire 2018 figure by at least $23 million.

However, even with this increase, Bitcoin is still not the biggest part of Square’s core business. Its entire second-quarter earnings surged higher than $775 million which is more than six times the figure from Bitcoin sales alone.

Square is Pro-Bitcoin

Led by Jack Dorsey who is also the co- of , Square has shown a significant interest in Bitcoin especially with the launch of its Square , a division that is mainly focused on Bitcoin and cryptocurrency. A few days ago, during an Ask Me Anything session on Twitter, the Square Project Manager made a few comments expressing the company’s desire to enhance adoption and “strengthen the bitcoin ecosystem.” Steve Lee wrote at the time:

“Our goal is Bitcoin for all. We are focusing on improving the Bitcoin experience for mainstream users. The user journey will always be central to our thinking.”

Lee also expressed Square’s desire and interest in other virtual currencies and not just Bitcoin. When a user suggested “Square Bitcoin” as opposed to its “Square Crypto”, Lee responded saying:

“We are very, very pro-Bitcoin. There is more than enough work for us to do there. That said, we are open to emerging use cases and technologies that complement Bitcoin.”

Wall Street Isn’t Excited

While Square is probably jubilant about its recent figures, its stock has fallen by more than 6 percent, leaving Wall Street somewhat disenchanted. Square has however already announced that Caviar, its food delivery arm, will be passed on to DoorDash for $410 million, allowing the company more time and resources on its core business. According to CEO Dorsey:

“This transaction allows us to increase our focus on investment in our two large, growing ecosystems – one for businesses and one for individuals.”

Square Q2 Report: Cash App Bitcoin Sales Records $125 Million Doubling Q1 Sales


Source: coinspeaker
Square Q2 Report: Cash App Bitcoin Sales Records 5 Million Doubling Q1 Sales

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Twitter, Square Founder Jack Dorsey Says ‘We Love You Bitcoin’

Jack Dorsey — of social media giant and -supporting payments provider — has said: “we love you Bitcoin”


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Square Doubles BTC Revenue: $125 Million Through Its Cash App In Q2

Square Doubles


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The payments company revenue, generating $125 million in () revenue in the second quarter of this year alone, the latest cryptocurrency news show. The entire revenue was made through the mobile payments service .

The information was released in the company’s 2 2019 shareholder letter published on August 1. As the letter shows, the company’s Bitcoin revenue benefited mostly from the price of the number one cryptocurrency. The news that Square doubles BTC revenue in two quarters alone spread like wildfire – which also triggered an increased volume of Bitcoin, as the company showed.

In the altcoin news, we can see that the Cash App obtained the $135 million in subscription, services as well as transaction-based revenue. In other words, the Bitcoin revenue granted the company more than 92% of the quantity that Square obtained through subscription, services as well as transaction revenue alone.

The Square Q1 report published in May this year showed that the company achieved a new revenue high from Bitcoin through the Cash App – stating a Bitcoin revenue of $65.5 million. This means that with the Q2 2019 report, Square doubles BTC revenue compared to the preceding quarter.

As we previously reported in our coming altcoin news, Steve Lee, who is a project manager at Square’s branch (Square ) has emphasized the company’s belief in Bitcoin. In an Ask Me Anything (AMA) session on , Lee said that the company is moving ahead with a “very, very pro-Bitcoin” sentiment.

What was also published by many best cryptocurrency news sites is the Bitcoin deposits feature which Square introduced on its Cash App in late June. The news that Square doubles BTC revenue may also come from this – which is actually a feature that enables Bitcoin users to deposit their assets from external wallets into the Square payments app. Still, the announcement also cautioned that there would be some limitatons to this feature – mainly a cap of $10,000 in Bitcoin per seven days and waiting time of up to several hours in order to confirm the deposits through blockchain.

Currently, the value of Bitcoin is up as BTC is trading near $10,500 with a 5.44% increase on the day at press time.

The post Square Doubles BTC Revenue: $125 Million Through Its Cash App In Q2 appeared first on DC Forecasts – Leading Digital Currencies.


Source: dcforecasts
Square Doubles BTC Revenue: 5 Million Through Its Cash App In Q2

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Square Doubles Its Quarterly Bitcoin Sales Revenue in Q2

The company generated a profit of $2 million from selling .
Source: financemagnates
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