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Cash App Says Bitcoin Overtakes All Other Revenue Sources, Makes Up 80% Of Its Entire Revenue In The

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.

Square reported its Cash App users purchased more than $1.6 billion BTC in Q3 — up 1,100 % from last year — Cointelegraph (@Cointelegraph) November 6, 2020

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.

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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