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Bitcoin-generated Revenue Account For Half Of Cash App’s Revenue

By Tracy Hannes | February 27, 2020

Bitcoin services are reportedly the primary source of 50% of the revenue in the last quarter of last year for Square-developed Cash App

Revealed on February 28th, Bitcoin has managed to generate an amount equivalent to $178 million through the last quarter of 2019, while the total revenue coming from non-Bitcoin reached $183 million. 

Specifically, Bitcoin-deprived revenue made up over $500 million of Cash App’s revenue throughout 2019, which resulted in $8 million in profits – a dramatic surge from the $1.7 million benchmark of 2018. 

This means that Bitcoin is gradually gaining an increased amount of attention and interest from small-scale retail investors, via the peer-to-peer payments app, with the revenue clocked in throughout the 4th quarter of 2019 accounted for nearly 40% of Square’s Bitcoin revenue for the year.

Cash App – as revealed by head of Twitter and Square Jack Dorsey – has earned the title of the 2nd most-used finance app across Google Play, and secured the 23rd place for most-used app across the platform in general. Cash App also has fee-free free stock trading feature available for its 24 million active users.

However, every user of this 24 million only finalized $7.42 equivalent of month-to-month BTC trades on average. Nonetheless, the figure still was 2 times more than that recorded in December 2018, where a normal user conducted $3.50 worth of Bitcoin trading per month. 

Per-person Bitcoin revenue has also seen a 2-fold incline, compared to the platform’s average, with the average by-quarter revenue from customers went from $15 to $30 since 2017.

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