Cryptocurrency Profits Low, Payment Platform Square’s Q1 2019 Bitcoin Revenue High

The Square Platen Platform has recorded a new high turnover thanks to the sale of Bitcoin (BTC) through its cash application, while Bitcoin's sales revenue remains low, according to a letter to shareholders presenting figures. financial statements for the first quarter (first quarter) 2019.

In a recent letter about unrecognized results, Square revealed that in the first trimester of 2019, total company revenue grew 43 per cent compared to the previous year at $ 959 million. , Bitcoin revenue of $ 65.5 million. Bitcoin costs for the same period would be $ 64.7 million, meaning total utilization in Bitcoins was $ 830,000.

In the fourth quarter of 2018, the company recorded total net revenue of $ 933 million, of which $ 52 million was for bitcoin revenue. At the same time, bitcoin costs amounted to $ 51.9 million.

Square puts bitcoin trading available to users in February last year. Since Square operates in sales outlets, adding BTC to its mobile services means that any merchant who uses Square's payment system will potentially be able to accept Bitcoin as a form of payment.

In March, Executive Director of Square and Twitter Jack Dorsey announced that Square hired Crypto Currency Engineers and offered them to pay Bitcoins. Dorsey added that the decision to pay employees in the digital currency is based on the intent of "increasing crypto ecosystems", thus contributing to the bitcoin community.

As Cointelegraph reported in January, BitPay's payment service provider for cryptocurrencies last year spent $ 1 billion. By late 2018, BitPay's executive director said he expects massive adoption of Bitcoin for three to five years. In November, BitPay's commercial director, Sonny Singh, predicted that bitcoin prices would rise from $ 15,000 to $ 20,000 by the end of 2019.


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