- Square reveals strong growth in bitcoin sales.
- The firm gained a profit of 80% since the last quarter.
Payments company Square shows steady growth in bitcoin sales for the first quarter of 2019. The revenue amounted to $65.5 million, reaching its peak. However, the revenue records $64.7 million in the unaudited quarterly report with roughly $832,000 in profit.
An amount of $52.4 million was recorded in the revenue collection in the fourth quarter of 2018 with a bitcoin profit of $490,000. Square, therefore, gained a profit of 80% since the last quarter. The company reported $166 million in bitcoin sales in 2018. Users can buy Bitcoin directly from the Cash app. The service expanded in the US in August 2018.
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