Home / Business / Square records a record business figure of $ 52 million so far

Square records a record business figure of $ 52 million so far

Square, the payment network of Twitter's CEO, Jack Dorsey, has generated more Bitcoin revenue in the fourth quarter of 2018 than at any time since the start of cryptocurrency support.

Q4 breaks the Bitcoin record

The company's fourth quarter earnings report confirms that its bitcoin sales exceeded $ 52 million, surpassing $ 43 million in the third quarter and well over $ 37 million in the second quarter. quarter.

Users of the Square Cash app have been able to buy and keep Bitcoin since last year, a service that has been surprisingly popular among the US consumer base of the product.

The numbers are a boon for Dorsey, who hinted this week the imminent integration of more Bitcoin technology into Square Cash.

Jack Dorsey Twitter

"For the coming year, we continue to focus on three things and we will continue to strengthen our omnichannel offering," said Dorsey. CNBC in a statement of 27 February.

This means that we are reinforcing in-person payments, mobile payments and also online. We are really excited about everything we do in financial services.

Balancing books

The business figure versus profit for Square remains tight on Bitcoin; the cost of buying cryptocurrency accounts for almost all the proceeds from sales because of the de facto lack of propagation for users.

Although not yet a source of profit in itself, the Bitcoin feature remains a concern for Dorsey.

As Bitcoinist This month, Twitter's mogul has publicly declared his enthusiasm and his intention to take advantage of the Bitcoin Lightning network within Square.

"We would like to do [Bitcoin] as fast, efficient and transactional as possible, including consulting our sales base and our registry, "he told Stephan Livera Podcast.

"It's not a" if "; it's more of a "when[.]& # 39; "

Dorsey then participated in the Torch Lightning Relay, reiterating his belief that Bitcoin was his choice bet in the cryptocurrency industry. He added that he did not hold any other cryptocurrency or hard bitcoin fork.

What do you think of Square's Bitcoin revenue? Let us know in the comments below!

Images courtesy of Shutterstock, Bitcoinist Archive

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