During the Square’s Q2 2019 Earnings Call Founder of one of the social media giants – Twitter and Payment solutions provider – Square, Jack Dorsey said: “ We Love You Bitcoin”.
Dorsey recognized the eye-popping impact that introducing Bitcoin support had on the company’s Cash App revenue.
Basically, Jack had launched a competitor to “square” called “Square Cash”, which is easy and simple app. Later, the app got renamed to “Cash App” later. Cash App started supporting buying and selling of Bitcoin (BTC) in mid-November 2017 in a very limited rollout; the feature was officially launched in late January 2018
According to Square’s “Q2 2019 Shareholder Letter”, the company drove “strong revenue growth at scale”.
Previously on November 2018, according to the reports of Square’s Q3 2018 Earnings Call, the platform had generated $43 million in Bitcoin revenue exceeding from $37 million the preceding quarter.
Further, As per reports of Square’s Q1 2019 in May, the company revealed that it achieved a new revenue high from Bitcoin sales via Cash App, with a stated Bitcoin revenue of $65.5 million.
At present, Cash App had raised $135 million in subscription, services and transaction-based revenue. Bitcoin revenue alone accounted for an impressive $125 million.
“We love you, Bitcoin we saw 3.5 million customers use Cash Card in June. Typically using it to purchase multiple times per week. Also, Our seller and Cash App ecosystems have incredible roadmaps ahead to deliver on our purpose of economic empowerment.”