Square’s Bitcoin Revenue Increases by $6 Million in Q3, Profits Top $500,000
Jack Dorsey’s payment network Square continues expanding its Bitcoin popularity since it was introduced in February.
Presenting a digest of its total earnings and financial activities, Square, which introduced Bitcoin support in its Square Cash payment app earlier this year, saw cryptocurrency revenue grow by a total of $6 million compared to Q2.
“Total net revenue was $882 million in the third quarter of 2018, up 51% year over year. This includes $43 million of bitcoin revenue,” the letter confirms, stating:
“Excluding bitcoin revenue, total net revenue was $839 million, up 43% year over year.”
Bitcoin remains a niche for the company meanwhile, with revenues resulting in only slender profits of around $500,000 after taking into account Bitcoin purchasing costs.
The newly-launched Square Terminal, allowing merchants to take credit and debit card payments, has also sparked rumors about a possible merchant integration of Bitcoin, with no official signs appearing from the company as yet.