Cash App Says Bitcoin Overtakes All Other Revenue Sources, Makes Up 80% Of Its Entire Revenue In The Third Quarter
Cash App Says Bitcoin Overtakes All Other Revenue Sources, Makes Up 80% Of Its Entire Revenue In The Third Quarter
November 7, 2020
Cash App Says Bitcoin Overtakes All Other Revenue Sources, Makes Up 80% Of Its Entire Revenue In The Third Quarter
Cash App Says Bitcoin Overtakes All Other Revenue Sources, Makes Up 80% Of Its Entire Revenue In The Third Quarter
November 7, 2020

Cash App, the Bitcoin-friendly mobile payments app, said that Bitcoin (BTC) has overtaken all other revenue sources by making up almost 80% of its entire revenue in the third quarter.

It has been reported that Cash App’s Bitcoin-derived revenue of $1.63 billion in Bitcoin marked a massive increase of more than 1,100% when compared to the same period in 2019.

However, Bitcoin revenue was by far the largest component of Cash App’s overall revenue generation of $2 billion, with all other revenue streams totaling $453 million, or 22% of the total. Cash App functions as a broker for Bitcoin purchases, buying it on behalf of the user, and adding a small fee.

The report said that some of the increased Bitcoin sales were due to the app’s Auto-Invest tool, launched in May this year, which allows users to recurring daily or weekly purchases of stock or BTC. Bitcoin revenue produced $32 million in gross profit for the third quarter, an increase of 15 times from the previous year’s profit of $2.1 million in the same period.

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Thus, the total Bitcoin revenue for all of 2019 was $338 million with a gross profit of $5 million.

Source: Cointelegraph


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.