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Square and the Cash app with Bitcoin

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The digital payment applications industry continues to grow. The proof of this is what has happened to Cash, the Square app, and its quarterly earnings in Bitcoin. Find out here about the details.

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

Square recently released Cash’s gross earnings for the second quarter of 2020. Likewise, they disclosed that this app generated $ 17 million in gross Bitcoin earnings during the same time.

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

The volume of Bitcoin on the app, along with gross earnings, benefited from an increase in BTC assets and increased customer demand.

Bitcoin's volume growth on Square's Cash app continues to grow. Gross profit from Bitcoin sales increased by 150% from Q1 2020. Source: Square
Bitcoin’s volume growth on Square’s Cash app continues to grow. Gross profit from Bitcoin sales increased by 150% from Q1 2020. Source: Square

According to the graph shown above, we can see the noticeable difference between the first quarter of this year. In that period, Cash posted revenue in BTC equivalent to US $ 306 million. Likewise, it is said that in this first quarter they had US $ 7 million in gross profits from Bitcoin.

What other data stands out in this report about Cash?

In their report they also made sure to share Square’s gross earnings in Bitcoins. Plus a proportion of the company’s overall gross profit.

Compared to June, Square experienced significant growth in the volume of transactions by active customers of the Cash application. Some means to carry out the transactions were peer-to-peer payments, cash card and investments in Bitcoins.

Bitcoin sales on the Cash app increase your contribution to the company's gross total profits. Source: Square
Bitcoin sales on the Cash app increase your contribution to the company’s gross total profits. Source: Square

However, in the same report, the company acknowledges that said increase could have been driven by government stimulus and unemployment bonds. Thus, these factors may or may not be present at the same levels for the remainder of the third quarter.

In this way, Square celebrates the growth of Cash but they understand that the context is not the usual one, to assume that it will continue to be this way for the rest of the year. As the world’s economies continue to struggle to overcome the crisis, some companies like this provide answers and offers that allow them to grow even in the midst of adversity.



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