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Square’s Cash App registers record Bitcoin sales in first quarter

Square & Crypto

Square has been deeply embedded in the world of cryptocurrencies and also trying to set its place as an innovator. Just recently, they received a patent approval from the United States Patent Office (USPTO) for a cryptocurrency payment network. Their technology will enable merchants to offer instantaneous payments using digital assets with a specific approach to overcome the risk of violation of laws due to the anonymity of the purchasers.

Q1 2020 Revenue

During the first quarter of the new decade, Square registered a record $306 million in Bitcoin sales revenue via its Cash App. Which generated a gross profit of $7 million. These sales almost doubled since last year.

Bitcoin Revenue per quarter

According to the filing, volumes were up 72% quarter-over-quarter and 367% year-over-year. The Bitcoin sales represented a major part of their overall sales revenue which stood at just over $500 million.

Capital Influx

The Bitcoin Halving may be a major agitator behind this increase in sales. Retail investors have a conception that Bitcoin goes on parabolic rallies following the halving based on two prior data points. Hence, this increase in sales may be due to this particular reason. Overall, their target customer is retail traders and investors and not institutions.

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