Square Bitcoin Revenue is high – but its profits remain low for Quarter 1. Square, a payment platform, sent a letter to shareholders outlining their first quarter (Q1) 2019 financial figures.
According to the letter on earnings, which is unaudited, Square revealed that in Q1, their company’s net revenue grew 43% over year, amounting to $959 million, whereas their Bitcoin revenue was $65.5 million. Overall Bitcoin profits amounted to roughly $830,000.
In Q4 of 2018, the company registered a total revenue of $933 million with $52 million attributed to Bitcoin Revenue.
Square has made Bitcoin trading available to all users in February of 2018. Since Square operates on a Point of Sale network, BTC addition to its mobile services means that any merchant using Square’s merchant payment system can potentially accept Bitcoin as a form of payment.
Jack Dorsey, Twitter and Square’s CEO, announced that Square was hiring cryptocurrency engineers back in March. He was willing to pay them in Bitcoin as well. Dorsey commented that the decision to pay employees in digital currency is based on the intention “to make the broader crypto ecosystem better”, thus, contributing to the Bitcoin community.
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