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Payment company Square announced today its first quarter results, revealing strong growth in bitcoin sales through its Cash application.
Founded by co-founder of Twitter, Jack Dorsey, Square reported revenues of $ 65.5 million for the first quarter of 2019. Bitcoin costs are, however, valued at $ 64.7 million in the unaudited quarterly report, which represents a profit of about 832,000 dollars.
These figures are the highest precedents of Square: the fourth quarter bitcoin business figure of 2018 and the $ 490,000 profit.
Bitcoin's profits in Q1 2019 represent a gain of 80% compared to the previous quarter. For 2018, the company announced bitcoin sales of $ 166 million.
Nevertheless, bitcoin remains a niche product for Square. The transaction-based sales figure in the first quarter exceeded $ 656 million, according to the report.
The company sells bitcoins to users through its Cash app, a service that expanded to 50 US states in August 2018.
Image Jack Dorsey via the CoinDesk Archive
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