Skip to main content

Bitcoin Buyers for Square’s Cash App Doubled in Q3 2019


According to its Q3 2019 shareholder letter, Square’s Cash App reported many new first-time Bitcoin (BTC) buyers, but low profits related to its Bitcoin business.
On Nov. 6, payment processing giant Square issued a letter to shareholders outlining Q3 2019 financial figures, in which it disclosed that the total net revenue for its Cash App was $307 million, while the gross profit resulted in $123 million for Q3.


First-time BTC buyers have almost doubled

Square’s Cash App saw $148 million in Bitcoin revenue. However, the company endured a whopping $146 million in Bitcoin costs during the third quarter of 2019, which resulted in only $2 million profit on Bitcoin sales during the same time period.
Despite the low profit margin on BTC sales, more and more users are apparently finding their way to the  Square’s Cash App as a means to invest in Bitcoin. Ever since the company introduced the redesigned Cash App’s customer interface, product adoption of Bitcoin and Cash Card has increased significantly. The letter stated:
“First-time Bitcoin buyers have approximately doubled and Cash Card orders have seen a meaningful uplift.”
The shareholder letter further points out that in the third quarter of 2019, total net revenue grew 44% year-over-year to $1.27 billion, and adjusted revenue grew 40% year-over-year to $602 million. Net income was $29 million in the Q3 2019, compared to a net income of $20 million in the Q3 2018.
The Cash App, Square’s popular payments app, was initially designed to facilitate the transfer of fiat currency but soon started supporting cryptocurrency trading.
Square’ Cash Card is a free business debit card that enables sellers to spend their funds as soon as they make a sale. When a seller takes a payment, the proceeds immediately go into their Square stored balance, which can then be spent or withdrawn from an ATM.

Buy a fraction of Berkshire Stock 

Square App has continued to expand beyond its initial purpose as a payments app. Recently, Jack Dorsey, CEO of Twitter and Square, announced that Square’s Cash App is poised to enable users to purchase fractions of stocks — with an entry of as little as $1. Dorsey wrote: 
“Now anyone can buy $42 or even $1 worth of Berkshire Hathaway A ($BRK.A, or $TSLA or $SFIX or…) instantly and for free right in @CashApp. Really proud of the team for making buying stocks and building wealth accessible to more people. Rolling out now!”
Dorsey also pointed out that users who are not into stocks can buy fractions of Bitcoin using the same interface.
This is a huge inclusion for users and for the Square team as well and for those users who want to have a robust and multiple asset portfolios especially in cryptocurrency and stocks.
This is what decentralization is about, creating opportunities to create and or build assets without restricts,limitations and third parties.
we look forward to more systems as this.

Comments

Popular posts from this blog

  Pick a niche The Blockchain and Crypto space is large and full of opportunities. Most people limit the industry to just a place to trade and make quick cash little do they know that you can actually build a career and achieve much more. There's a lot of skills required in blockchain technology. Firstly, you can become a trader, a day time trader or night trade it all depends on your schedule. You can actually make 10 to 20% of your capital daily or even more depending on the volume of your capital and trading strategy. you can become an investor who spots good coins and invests in a project you believe will do well, you can hodl, meaning you can buy and hold for short or long term period.  OTC trading is actually underrated, you can become an over the counter trader by just buying and selling cryptocurrency through the P2P Platforms or escrow groups, there's a lot of money to be made here if you move volumes on a daily. You can become an expert in technical analysis and give
WHAT YOU NEED TO KNOW ABOUT  NON FUNGIBLE TOKENS NFTs (or "non-fungible tokens") are a kind of digital asset with a unique kind of token-unlike other assets like bitcoin and dollar bills which have a particular and fixed amount that is accepted by all, NTFS have a unique price for every token. Every NFT is Unique, they can be used to authenticate ownership of digital assets like musical records, artwork, virtual real estates and pets. NFTs could be likened to a kind of certificate of authenticity for digital artefacts. They're are actually been used to sell a huge range of collectables currently including: *A tweet by Dallas Mavericks owner and entrepreneur Mark Cuban. *Video art by Grimes *The Original "Nyan cat" meme *Virtual real Estate in a place called Decentraland  and others...   As other digital assets like Bitcoin and other cryptos has grown in popularity over the years, NFTs have also soared — growing to an estimated $338 million in 2020. Each NFT is s

Differentiating Scam Crypto Projects And Legit Projects

Since Bitcoin became mainstream, we have seen countless scam schemes that claim to be crypto projects but are just scam projects that seek to cart away with investors money. a whole lot of them have succeed and are still succeeding in doing this. the reason why they keep getting away with this schemes, is that a lot of crypto enthusiasts and investors don't have a proper knowledge of how the cryptocurrency space works. This is the reason why we have decided to put some contents together both on our YouTube channel and podcast to give investors and especially newbies the heads up to figure out when scam projects come knocking. The crypto space is in its early stage with peculiar opportunities as well as challenges. There are scammers in probably every walk of life, seeking and exploring new ways and opportunities to extort their victims. below we will discuss give key points to figure out a scam or ponzi project. Five ways to know scam or crypto projects Important to