Square: Half of cash apps’ quarterly revenue comes from Bitcoin transactions

One of the places where Bitcoin appears is Square Cash, which now uses the popular cryptocurrency for most transactions, according tomedia. Square Cash has impressed investors, and despite the current outbreak of new corona pneumonia, they remain optimistic about its huge potential market. Bitcoin’s market value is still comparable to That’s on Wednesday, local time, though it may have fallen below $9,000.

Square: Half of cash apps' quarterly revenue comes from Bitcoin transactions

The company had 24 million active users in the three months to December 2019, up 60 percent from 2018, according to Jack Dorsey’s latest quarterly financial report.

The payment processor reported revenue exceeded analysts’ expectations, with revenues of more than $1.3 billion – up 41 percent from a year earlier. In addition, the company’s net income was about $391 million, including $374 million from the sale of Caviar to DoorDash.

In addition, Square’s Cash app generated $361 million in revenue for the company, of which $178 million came from three-month bitcoin transactions. For the full year of 2019, the cryptocurrency generated no less than $516 million in revenue.

During the investor conference call, Dorsey Square was asked if it was considering providing local delivery services, only to be told that the company was open to the possibility.

Some have speculated that a TikTok campaign is behind the surge in cash app users. Square is reported to have asked several TikTok musicians to compose for the app, generating 136.5 million hits in more than 9,600 videos.