Square's Cash App Generated $1.82 Billion of Bitcoin Revenue
The well-known payment giant Square released its third-quarter financial report, showing that the mobile payment application Cash App under Square achieved $1.82 billion in Bitcoin revenue.
Square Cash App generated $1.82 billion in Bitcoin revenue and $42 million in Bitcoin gross profit in the third quarter of 2021, both increased 11% and 29% year-on-year.
The report stated that part of the year-on-year growth came from the surge in the price of Bitcoin.
The volatility of Bitcoin's price in the third quarter was much smaller than that of the previous quarter, which dropped from the previous all-time high (ATH) of nearly $63,000 to approximately $31,000 in the previous quarter. Most of the transaction prices are in the range of $30,000 to more than $50,000.
But compared to the previous quarter, Cash App's Bitcoin revenue and gross profit have both declined. Square Cash App generated $2.72 billion in Bitcoin revenue and $55 million in Bitcoin gross profit in the second quarter of 2021, both increasing by about three times year-on-year.
Profits fell by 23% in the third quarter. The published report stated that this was due to "relative stability in the price of bitcoin, which affected trading activity compared to prior quarters."
Cash App is a mobile payment service developed by Square, allowing users to transfer funds using a mobile app.
Square’s CEO Jack Dorsey announced on Twitter on November 3 that the cash app will now allow teenagers 13 years of age or older to conduct peer-to-peer transactions, as well as debit cards and bank services for teenagers.
But for the time being, it is not available to deposit checks or buy bitcoins for teenagers.
Aaron Rodgers, the American football quarterback of the Green Bay Packers of the National Football League (NFL), said on Twitter that he will accept bitcoin as part of his salary through square’s cash app on November 2.
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