Nearly
Half of Square’s Cash App Revenue Came from Bitcoin in Q4
Bitcoin represented nearly half
of the revenue Jack Dorsey’s Square firm generated over the fourth quarter of
last year, as BTC revenue was $177.5 million between November 1 and December
31, with profits of $3 million.
Revenue that wasn’t related to
bitcoin from Square’s Cash app was $183 million. In an investor call Dorsey,
who’s also the CEO of Twitter, said a Cash app redesign made it easier for
new users to discover other services within the app. He added:
"The peer-to-peer transfers network
continues to be our best acquisition channel… Those new to the app then go on
to discover bitcoin.”
Square’s Chief Finance Officer
amrita Ahuja noted in the call that once a Cash user
starts using its investing or bitcoin features, they tend to generate more
revenue than regular users. Square’s bitcoin-related services were rolled out
on the Cash app across the U.S. during the summer of 2018.
